BGEO Group PLC (the “Group” or “BGEO”), announces that the Group’s utility and energy subsidiary,Georgia Global Utilities (“GGU” or “the Company”), has today commenced construction of Bodorna hydro power plant (“Bodorna HPP”) near Bodorna reservoir, an integral part of the Company’s water utility infrastructure located approximately 55 kilometers away from Tbilisi. The 2.5MW plant will have an average annual electricity production capacity of 15 million KW/hours and will be primarily used for GGU’s internal consumption, with the excess energy supply sold to third parties. Bodorna HPP construction will be carried out by local companies and will be supervised by Swiss engineering company Stucky SA. GGU has secured long-term credit facilities totaling a combined GEL 10 million, from the Dutch (FMO) and German (DEG) development banks to finance the construction of Bodorna HPP, which is expected to become fully operational from September 2018.
