Galt & Taggart and RP Global partner up to advance Georgia’s efforts towards green energy

TBILISI, Georgia - Dec. 18, 2014 - PRLog -- Tbilisi/Georgia, Vienna/Austria, December 18^th, 2014 – Renewable energy IPP RP Global has entered into a Joint Venture with Galt & Taggart, Bank of Georgia’s investment management business. The partnership was officially announced at a Memorandum on December 17^th at the Radisson Hotel in Tbilisi, which was attended by the Minister of Energy, Kakha Kaladze.The companies have set up the Joint Venture ‘Svaneti Hydro’ to implement a small hydro portfolio in Georgia - an important step towards developing Georgia’s significant hydro energy potential.

The envisaged private equity fund of about 100 million US Dollars will be used to develop hydropower plants with an average capacity of 10 to 30 MW in Northwestern Georgia. 6-8 plants are planned in total, with a total investment of around 300 to 350 million US Dollars.

RP Global’s CEO, Gerhard Matzinger, states: ‘This partnership shows Georgia’s eagerness to advance its energy independence and attract international investors. Projects such as ours benefit the whole country, creating jobs and boosting the economy, while contributing to the efficient use of Georgia’s abundant resources and keeping  the cost of energy for the Georgian market low’.

Both sides bring their individual expertise to the table, with Galt & Taggart contributing experience in the Georgian market and funding hydropower projects, and RP Global contributing experience and technical expertise in the development of hydropower projects internationally.

Outlook

Two of the planned hydropower projects are already in an advanced stage of development. The start of construction of the first project is expected to occur in the spring of 2015, with an installed capacity of 30 MW.

About Galt & Taggart:

JSC Galt & Taggart is an investment management company which offers clients the full range of services: Corporate Advisory, Private Equity, Wealth Management, Brokerage, and Research. Galt & Taggart is a brand with almost 20 years of history and the leading investment bank in Georgia since inception. For additional information, please visit: www.gt.ge.

About RP Global Group

RP Global is an independent power producer with over 25 years of experience in the renewable energy sector. As a developer, investor and operator RP Global’s focus is on hydro and wind energy projects. RP Global has had several successful partnerships and cooperations with investors such as the Marguerite Fund, the EBRD or the IFC/World Bank. RP Global has constructed more than 35 power plants in both wind and hydro power. RP Global’s international team is currently active both in Europe – France, Poland Croatia and Portugal, and (South) America – Chile, Peru, while being headquartered in Vienna, Austria.

http://www.rp-global.com