Norwegian hydropower company Clean Energy Invest will invest 8 billion kroner ($960 million) in a hydropower plant project (HPP) in Georgia, Norwegian newspaper Dagens Næringsliv reported.

‘This will be the biggest HPP ever built by a Norwegian company outside of Norway’, the company’s administrative director Bjørn Brandtzæg told journalists about the bid which was won last week.

According to the newspaper, approximately 1.5 billion kroner ($180 million) will come from investors, while the rest of the capital will come from a Turkish industrial company called Enka, and lending institutions. The planned power plant will have a projected annual production of 1.5–1.6 terawatt hours, and 436 megawatts of installed capacity.

Clean Energy Invest AS entered the Georgian market in 2010, when it was awarded a perpetual licence to develop, build, own and operate the hydropower potential on the River Acharistskali and its tributaries.

According to the company’s website, ‘the hydropower potential on the Adjaristsqali River and its tributaries is being developed through two phases, with parallel legal structures. Phase 1, the 178 MW Shuakhevi and 9 MW Skhalta HPP are being developed through the Georgian project company Adjaristsqali Georgia LLC.’