Assets of the Georgian United Energy Distribution Company, Energy Company of Adjara and six hydropower stations (Ladjanuri HPP, Rioni HPP, Gumati Cascade, Shaori HPP, Dzevhrula HPP and Atsi HPP) are officially transferred to the Czech company ENERGO-PRO. The agreement was signed by the Minister of Economic Development of Georgia George Arveladze and a representative of ENERGO-PRO Georgia on June 29, 2007.
The privatization process has been finalized and all of the purchased energy assets have been united under one company ENERGO-PRO Georgia JSC.
Agreement for the sale of six hydro power plants and the assets of two electricity distribution companies was completed in February 2007. The agreement was signed by Jiri Krusina, Member of the Board of Directors of ENERGO-PRO a.s,, the Minister of Economic Development and the General Directors of both the United Energy Distribution Company and the Energy Company of Adjara..
Pursuant to the agreement signed in February, ENERGO-PRO shall allot a total of USD 132 million for the asset purchase, and commits to invest approximately $85 million over three years in hydropower rehabilitation, approximately $15 million per year in distribution and will pursue the construction of new hydro power plant. The total amount of investment including the purchase price is expected to reach USD 417 million.
