Enka Renewables, a subsidiary of ENKA
Posted: Sat Jan 04, 2025 4:11 am
Georgia loses $383 million dispute with Turkish company ENKA over Namakhvan hydroelectric power plant The Georgian government has lost an international arbitration case against the Turkish company ENKA Insaat, which was implementing the Namakhvani hydroelectric power plant project. According to the company, the compensation imposed on Georgia is 383.2 million dollars, which is 1.1 billion GEL at the current exchange rate.
, was building the 433-megawatt Namakhvan hydroelectric power plant cascade in Tskaltubo municipality. The project was scheduled to be commissioned in 2025-2026. The investment cost of the project was austria fax data $800 million. In response to a question from BMG, Irakli Kobakhidze said that the state would continue the dispute and the compensation to be paid could be reduced to $200 million.
"The dispute continues and we will definitely continue the dispute. Of these 300 million, 200 million are already invested and the state will not lose this amount. Of course, whether it is 100 million or 10 million, this is serious damage," Kobakhidze said. FDI in Georgia has decreased In the third quarter of 2024, a total of $198 million in foreign direct investment entered Georgia, which is 55% less than in the same period last year.
, was building the 433-megawatt Namakhvan hydroelectric power plant cascade in Tskaltubo municipality. The project was scheduled to be commissioned in 2025-2026. The investment cost of the project was austria fax data $800 million. In response to a question from BMG, Irakli Kobakhidze said that the state would continue the dispute and the compensation to be paid could be reduced to $200 million.
"The dispute continues and we will definitely continue the dispute. Of these 300 million, 200 million are already invested and the state will not lose this amount. Of course, whether it is 100 million or 10 million, this is serious damage," Kobakhidze said. FDI in Georgia has decreased In the third quarter of 2024, a total of $198 million in foreign direct investment entered Georgia, which is 55% less than in the same period last year.