The Partnership Fund, jointly with its subsidiary Georgian Oil and Gas (GOGC), has commenced the construction on a 230MW combined cycle thermal power plant (CCPP) in Gardabani, in the Kvemo Kartli region in Georgia.
Turkish energy company Calik Enerji will be responsible for the construction works, while General Electric Company will supply the turbines for the project.
Within the scope of the project, there are two GE 6FA gas turbines, one 85MW steam turbine, two waste heat steam boilers and two natural gas compressors. In addition to this, three main transformers of 100MVA and two assisting transformers of 10MVA are included in the project.
When completed in 2015, the Gardabani project will have a reserve capacity to supply Georgia's energy grid for 25-30 minutes in case of any electricity supply problem in the country.
According to The Partnership Fund, efficiency of the Gardabani power plant is higher by nearly two-fold when compared with the other power plants operating on natural gas in Georgia. The operating cost of the Gardabani plant is also cheaper when compared to other natural gas power plants in the country.
The Partnership Fund and GOGC are providing finance for the $220m project.
In October 2013, The Partnership Fund and GOGC have announced that the ownership of Gardabani CCPP will be shared between the two companies. GOGC will have controlling interest with at least 51% shareholding.
Under this arrangement, GOGC will provide long term debt finance of approximately $120m and the remaining funding will be provided through equity financing of approximately $100m.