In October 2013 the EBRD disclosed project information on its web site together with the project ESIA. This
information suggested that the bank is considering extending a senior loan to Adjaristsqali Georgia LLC of up
to USD 110 million (EUR 83 million).

According to the Shuakhevi HPP PSD, the project is for a senior EBRD loan of up to USD 86.5 million (EUR
63.7 million) for the financing of the development, construction and operation of the Shuakhevi HPP. The
total project cost is reported in the PSD as USD 417 million (EUR 307 million).

The Asian Development Bank (ADB) and the International Finance Corporation (IFC) have co-financed the
project. An EBRD press release from 19 March 2015 reports that the EBRD’s investment is USD 90 million4:
“The $250 million debt financing arranged by IFC represents the largest-ever private hydropower investment
in Georgia, consisting of two $90 million long-term senior loans, one each from ADB and EBRD, and $70
million from IFC. IFC’s total investment in this project is $104 million, which includes a $34 million equity
investment in the project company.”

Complaint on Shuakhevi HPP in Georgia - 16 July 2018

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