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24.02.2023 r.
Voltares enters Georgian renewable energy market
Voltares has established a subsidiary in Tbilisi, Georgia, in partnership with local company GEOP, to develop a balanced mixed of on-grid hydro, photovoltaic and wind renewable energy projects.
During the United Nations Climate Change Conference last November, Georgian prime minister Irakli Garibashvili reiterated the government’s intention of prioritising policies that encourage the switch to renewable energy harnessed from solar, wind, hydro and geothermal sources1. Besides the positive impact on the environment, this would also address the pressing demand for more energy in the country, which is more than four times its current energy production2.
“Georgia’s commitment to increase its renewable energy production and Voltares’ close relationship to our renowned local partner GEOP, provide favourable conditions for the development of renewable energy projects in the country,” said Cornelius Patt, CEO of Voltares.
With a pipeline of renewable energy projects already secured, Voltares, together with its local business partner GEOP, established subsidiaries in Tbilisi, Voltares Georgia LLC and Voltares Power Projects LLC. Voltares is aiming to implement a balanced production mix throughout the year by developing on-grid hydro, photovoltaic and wind projects. In addition to that, Voltares is providing a solar energy contracting model to Commercial and Industrial (C&I) clients, supporting them in decarbonizing their energy system – the first Photovoltaics (PV) projects are expected to kick off in June 2023.
Voltares established subsidiary in Georgia, Tbilisi together with local partner GEOP for the implementation of a renewable energy portfolio.
A utility scale PV project shall start operations in the first half of 2024. Additionally, Voltares is currently identifying opportunities to utilise wind power to increase renewable energy production in winter times. The evaluation of strategic projects with storage capacities for investment is ongoing for hydro projects.
Voltares’ milestones for the near future would be to expand the project pipeline and grow its local presence.
2 Georgia Energy Profile, International Energy Agency, Dec 2021
