TEPCO Renewable Power, Inc (TEPCO) has acquired 31.4% of the shares in Georgian hydropower company JSC Dariali Energy from Peri LLC, for the purpose of participating in the 108MW Dariali hydropower project.
Dariali is located in the Kazbegi Municipality in Georgia. It has been operating stably since launching commercial operation in December 2016, supported by a 15-year power purchase agreement with Electricity System Commercial Operator (ESCO), the market operator in Georgia's electricity sector. Its annual energy generation amounts to 510 million kWh, which accounts for about 4% of Georgia's annual electricity consumption.
Dariali is considered a prominent renewable energy power plant and has been contributing to strengthening energy security and independence in Georgia. It is also the first carbon-neutral project in Georgia and among all EBRD-financed projects worldwide. JSC Dariali Energy was awarded with the title of "The Best Water Project in Central and Eastern Europe" at the EMEA Finance ceremony in 2014 and also received Silver Award for "Environmental and Social Best Practice" from EBRD.
The investment in Dariali is TEPCO’s second investment in a hydropower project overseas. Going forward, the company plans to dispatch executives and staff to JSC Dariali Energy so that it can leverage its know-how and experience in operation and maintenance (O&M), based on its many years of accumulated experience in hydropower business in Japan. The company will contribute to strengthening the operational capabilities at the Dariali P in areas such as O&M optimization.
TEPCO said it will continue exploring opportunities to participate in other overseas hydropower projects, and offshore wind power projects in Japan and overseas by partnering with both domestic and foreign companies.