The starting price at the auction, held 19 July, was US$15M. The sale included the power plant, workshops, warehouses, construction areas and associated buildings at the 80 year old hydro scheme.

Before the auction, the Ministry said that six units at the plant required refurbishment. The installed capacity of the plant is 42MW, according to the Ministry, although a government agency charged with promoting investment in the country has put the figure at 38MW.

Georgian company Bonaser Trading Limited has recently been active in the purchase of hydro schemes, buying 74% of state shares in Chkhor hydro plant for US$1.5M and spending US$305,000 on the Kinkisha hydroelectric scheme in May 2007.