MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“Today we signed an important agreement - the Georgian Energy Development Fund and the United Arab Emirates State Fund Masdar are to start the development of solar energy in Georgia,” – the Minister of Economy and Sustainable Development of the Georgian, Natia Turnava commented on the agreement signed by the Georgian delegation within the visit to the Dubai Expo 2020.

Within the framework of the visit of the Georgian Government delegation to Dubai Expo 2020, an agreement was signed between the Georgian Energy Development Fund and the ABU DHABI FUTURE ENERGY COMPANY PJSC - MASDAR, which was attended by the Minister of Economy and Sustainable Development Natia Turnava. The Agreement envisages the joint development of a solar PV project in Georgia.

According to the Agreement, the parties will carry out technical, commercial and financial activities for the further development of the solar power plant project. The final decision on project funding will be made after the completion of the research phase (within 6 months from the signing). For this purpose, the company Masdar has expressed interest in the development of a solar power plant with a capacity of up to 100 MW in Georgia.

Natia Turnava noted that the Masdar is the largest state fund, a global leader in the field of renewable energy in the region, including the development of solar energy with very affordable electricity tariffs. According to the Minister, this generates the interest of the Georgian Government and in recent months several visits of the Fund’s delegation to Georgia already resulted in selecting the specific locations for the project.

“Now a joint study is starting, where the Georgian Energy Development Fund will enter as a partner. We are talking about a solar power plant with a capacity of up to 100 MW, which will be implemented within the cooperation of these two state funds. This will be the first project, but certainly not the last - the same great interest has been expressed in projects by the Masdar Foundation for wind turbines built into the water, as well as floating solar power plants, and these are the latest technologies that will soon be introduced in Georgia as a result of our cooperation,” – Natia Turnava noted.