Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
K-Water builds hydroelectric dam in Georgia
Choi Gye-woon, center, CEO of Korea Water Resources Corp. (K-Water), talks with Prime Minister Irakli Garibashvili of Georgia, right, after a groundbreaking ceremony for a hydroelectric power plant on the Nenskra River, Wednesday. K-Water plans to complete construction of the $870 million water power plant by November 2020. / Courtesy of K-Water
By Lee Hyo-sik
By Lee Hyo-sik
The Korea Water Resources Corp. (K-water) has started construction of a hydroelectric dam in Georgia, which is located between Western Asia and Eastern Europe.
K-Water held a groundbreaking ceremony Wednesday for the $870 million hydroelectric power plant to be built on the Nenskra River in the northwestern part of the country.
The company plans to complete construction by November 2020 and when it goes into operation, it will generate 280 megawatts of electricity. The amount is expected to meet the electric consumption needs of 580,000 people. All the power will be supplied to Georgia, which has been struggling with a shortage of electricity during winters.
K-Water signed a build-operation-transfer contract with the Georgian government on Aug. 31. Under the agreement, the company will build and operate the plant for 36 years and then transfer its ownership to Georgia.
“The Nenskra hydroelectric dam will showcase K-Water’s advanced knowhow and expertise,” K-Water CEO Choi Gye-woon said. “We will build the most advanced water power generation facilities and operate them to generate the maximum amount of electricity in a cost-effective and safe manner. The planned dam will definitely help boost the Georgian economy.”
Choi then said the latest project will boost K-Water’s efforts to establish a larger presence in Eastern Europe and elsewhere. “We have accumulated advanced knowhow on the construction and operation of hydroelectric dams for the past 50 years. We would like to share our knowledge with more nations.”
Georgia has been suffering from a chronic shortage of electricity during winters because the power supply cannot meet the soaring heating demands. It has been buying electricity at higher prices from Turkey and other neighboring countries.