PARTNERSHIP FUND SOLD 49% STAKE IN “GARDABANI THERMAL POWER PLANT” TO GOGC FOR 43M EUR

Georgian Partnership Fund sold 49% stake in “Gardabani Thermal Power Plant” to

“Georgian Oil and Gas Corporation” (GOGC) for 43.2 million EUR. According to the

Fund’s report, the assets were handed over in December 2022.

GOGC will pay the amount in several installments, and at the expense of the 1st

tranche, the Fund will fully pay the loan of “Credit Europe Bank”, the report

says. The matter concerns a 32 million EUR loan, which the Fund took from the

Netherlands-registered Turkish-owned bank in 2021.

In construction of the “Gardabani Thermal Power Plant” (230 MW, commissioned in

2015), the Fund and GOGC have invested $230 million.

In 2022, GOGC separated from the Fund, while this year, “Georgian Railway” also

withdrew from the Fund (published on January 28, 13:16).