A Government meeting was held today under the chairmanship of Georgian Prime Minister Irakli Garibashvili.

The Members of the Cabinet of Ministers discussed 14 topics. One of the topics to be discussed involved the participation of Georgia’s Innovation and Technology Agency in 500 Georgia LP, a venture investment fund. It was noted that the development of innovative business has reached a level when global players take an interest in investing in the Georgian startup ecosystem. Georgia 500 is a 20-million-USD venture fund established by 500 Global to support and further develop investments in Georgian startups and innovations.

Notably, it will be a venture fund, in which, alongside the Government of Georgia, the private sector will also take part, namely the Innovation and Technology Agency will be the fund’s partner with a 5-million-USD investment.

The topics to be discussed also included several draft ordinances of the Government of Georgia on the development of wind farms and solar and hydropower plants in Georgia. The installed capacity of these projects is over 153 MW.

The Members of Government discussed the draft ordinance of the Government of Georgia on the agreement on the Ksani Wind Farm to be executed between the Government of Georgia and Wind Farm LLC, based on which an agreement will be signed between Government of Georgia and Wind Farm LLC, to obligate the company to carry out a technical and economic study of the Ksani Wind Farm’s project at its own expense within 12 months. The project is planned to be implemented in Ksani Municipality. According to the project, the expected installed capacity will make up 50 MW, with the annual generation reaching 173.5 million kWh, and the project’s value constituting 59.4 million USD.

The draft ordinance of the Government of Georgia on the agreement on the Devashi HPP to be signed between the Government of Georgia and United Power Energy LLC was also discussed at the meeting. Based on this agreement, the company is obligated to carry out a technical and economic study of the Devashi HPP project at its own expense within 15 months.

The hydropower plant’s location is the Devashi River, Lentekhi Municipality. According to the project, the expected installed capacity will be 5.45 MW, with the annual generation reaching 28 million kWh, and the project’s value constituting 4.389 million USD.

The Members of Government also discussed the draft ordinance of the Government of Georgia on the approval of the Akhali Samgori solar power plant’s concept and the implementation of accompanying measures, based on which Georgian Energy Development Fund JSC will be tasked with implementing preliminary work under the project of the Akhali Samgori solar power plant. The power plant’s location is the village of Akhali Samgori, Gardabani Municipality. According to the power plant’s project, the expected installed capacity will be 96 MW, with the annual generation reaching 96.7 million kWh, and the project’s value constituting 86.935 million USD.