With the support of Invest in Georgia team TEPCO Renewable Power, Incorporated (hereinafter referred to as "TEPCO RP") acquired 31.4% of the shares in a hydropower company in Georgia.
“TEPCO Renewable Power chose Georgia as its second overseas hydropower investment destination, following Vietnam, after gaining our confidence in the favorable sector policy in Georgia. Team of Invest in Georgia (Enterprise Georgia), the Ministry of Economy and Sustainable Development and whole Government of Georgia have demonstrated strong commitment to accommodate and enhance private investment in hydropower generation business over three years. We were also very much impressed with our Georgian private sector partners, the seller, the company and legal advisors, who always tried to accommodate our various requests to make this transaction happen even under the prolonged lockout situations due to the Novel Coronavirus.”- Anounced the Japanese company.
Tepco RP started researching Georgia's investment potential in 2017. In January 2018, a representative of the agency Enterprise Georgia met with the company's management in Japan. In 2019, the Agency organized several visits to Georgia, during which meetings were held with various organizations in the energy sector (ESCO, GSE, EnergoTrans). From the very first meeting, the agency maintained active communication with the company, provided the necessary information and assistance.
Going forward, TEPCO RP plans to dispatch executives and staff to Georgia so that it can leverage its know-how and awareness of operation and maintenance (O&M), based on its many years of accumulated experience in hydropower business in Japan. The company will contribute to strengthening the operational capabilities.