The investment boosts Georgia’s competitive stance in the renewable energy market. Credit: bombermoon/Shutterstock.

Adjar Energy, a subsidiary of Turkish company Eksim Holding, has committed to a $460m investment in renewable energy projects in Georgia.

The investment comprises the development of five wind power plants and one solar power plant, set to bolster Georgia’s competitive stance in the renewable energy market, as reported by Turkiye Today.

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The investment, a collaborative effort with the Georgian government, is set to introduce a total project capacity of 360MW.

Following discussions with Adjar Energy executives, Georgian Prime Minister Irakli Kobakhidze declared: “[We are] strengthening the local sector and improving the country’s position in the competitive renewable energy market.”

Adjar Energy’s general manager Cagatay Ulker emphasised the Georgian government’s strong support for foreign investors and reaffirmed plans to boost investments in the country.

Ulker was quoted by Turkiye Today: “This is a significant milestone, and we expect to see positive results soon. More investment will come into the country. We believe in Georgia’s future and see great potential here.”

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Since its first foray into the energy market in 2006 with a hydroelectric power plant license, Eksim Holding has consistently grown its renewable energy portfolio.

Eksim Energy, another subsidiary, operates a combination of eight wind power plants and one hydroelectric power plant in Turkiye – a total installed capacity of 550MW.

Adjar Energy has established a strong presence in Georgia and Ukraine, with a combined installed capacity of 430MW.

In Georgia, the company has already invested over $200m in two hydroelectric power plants, including the 48.7MW Khelvachauri HPP and the 51.2MW Kirnati HPP.

The company is also awaiting approval for additional wind power projects in the country such as the 50MW Zeda Teseva wind power plant (WPP), 50MW Imereti WPP, 50MW Jalaurta WPP, 50MW Botisi WPP, and 50MW Gori WPP.

Furthermore, Eksim has the 67MW Skole WPP in Ukraine.