On July 16, 2015, the Georgian Co-Investment Fund (GCF) announced a US$330 M investment project of Oni cascade of hydro power plants ('HPPs') in Georgia with 177.2 MW installed capacity and 788.6 GWh annual energy generation. The project is located in Oni Municipality of Racha-Lechkhumi Kvemo-Svaneti region, on the river Rioni.
A Memorandum of Understanding was signed with the Government of Georgia represented by the Ministry of Energy. The total power generated from Oni Cascade of HPPs will be utilized domestically.
GCF will acquire 45 per cent of the Oni Cascade of HPPs, with 45 per cent held by PERI, a leading Georgian hydro-focused engineering company, and the remaining 10 per cent by the Robbins Company, the world’s leading developer and manufacturer of advanced, underground construction machinery.
Currently, the feasibility study is being carried out by one of Europe's leading consulting and engineering companies, Lahmeyer International AG which will be completed by the end of 2016. The environmental and social impact assessment study and geotechnical investigations are also being carried out by Gamma Consulting and Geoengineering respectively.
Oni Cascade of HPPs project will bring significant benefits to the domestic electricity market and the local population. This investment demonstrates GCF’s commitment to developing the infrastructure that will position Georgia as both a leading developing player in the regional energy market and a force in alternative energy and renewables internationally.
The project is expected to be competed in 2021.