Georgian Energy Development Fund announces Selection of Investor for development of Zestaponi WPP Project


JSC “Georgian Energy Development Fund” is searching for an investor to establish a Joint Venture Company for development and construction of the Zestafoni Wind Power Plant Project. Project area for the above-mentioned project is located in the region of Imereti, nearby to the city of Zestafoni and estimated installed capacity amounts to 150 MW.

Interested persons have an opportunity to express the interest and submit the tendering documentation until 18:00 of February 20, 2017.


Introduction to the Project

Within the nearby territory to the city of Zestafoni, the construction of the Wind Power Plant is planed with the following estimated parameters:

Project Name Zestafoni Wind Power Plant
Installed Capacity 150 MW
Generated Power 478.2 mln/kwh per hour
Number of Turbines 50
Installed Capacity per Turbine 3 MW
Project Cost 227 Million USD


Currently pre-feasibility study on the projects exists which shall be non-cash equity contribution to the JVC by JSC “Georgian Energy Development Fund”, rated as 40 000 (forty thousand) GEL.

Initial equity capital of JVC shall amount to 400 000 (four hundred thousand) GEL.

Along with promulgation of the tender for the selection of investors, JSC “Georgian Energy Development Fund” sets the standard terms for Shareholders Agreement (decisions that needs to be made unanimously, distribution of shares, call and put options etc) that is stated in the Appendix N1.

Pre-feasibility study shall be obtained only upon the written request of the interested person and after signing of Non-Disclosure Agreement.


Cooperation Scheme

JSC “Georgian Energy Development Fund” intends to find an investor, establish Joint Venture Company with a purpose of development and construction of the above-mentioned wind power plant. Current Pre-feasibility study will be GEDF’s non-cash equity contribution in the JVC which is rated as 40 000 (forty thousand) GEL.

Standard terms and conditions of Shareholders Agreement (decisions that needs to be made unanimously, distribution of shares, call and put options etc.) is reflected to the Appendix N1.


Terms of the Tender:

Selection criteria for the participants to tender are Call and Put Option rates suggested by them. The rates should be at least 2 digit numbers and the difference between Call and Put Option rates shall be at least 5%. Participant, suggesting highest interest rates for Call and Put Options will be selected as the winner.

Call and Put Options and their working periods are defined in Annex 1 – Standard terms and conditions of shareholder agreement. Bidding automatically means that participant agrees on the standard terms and conditions of the Shareholder Agreement announced in Annex 1.

In the event the agreement on the certain provision of the Shareholders Agreement which has not been included within the standard terms and conditions cannot be achieved, JSC “Georgian Energy Development Fund” is authorized to terminate the negotiations and conclude the agreement with the other probable partner who has been participating in the tender or is authorized to re-announce the tender.


Bidding documents shall include the following:


  • · Annual rates suggested for call and put options defined by Annex 1;

· Extract from the Registry of Entrepreneurial Entities;

  • · Carter of the Legal Entity participating in the Tender;
  • · Copy of the identification document of the person(s) who has/have the authority to represent the participating legal entity;
  • · Financial Statements (preferable but not necessary)

JSC Georgian Energy Development Fund is eligible to require any additional information if assumed needed. Tender participant should make all the effort to submit requested information in time required by GEDF. Any discrepancy between presented documents with reality might be a reason for disqualification of the Tender partiipant.




Questions regarding bidding documentations or requests regarding additional materials should be sent on company’s email:

Bidding documents should be submitted until 18:00 of February 20, 2017 at the following address: N8, Baratashvili Str. 4th Floor, 0105 Tbilisi, Georgia. Proposals should be presented in closed envelope, duly stamped and submitted by representative of the company. Envelopes will be opened immediately upon the expiration of the term (period)  for submission of bidding documents and annual rates of call and put options suggested will be announced.

Final winner of tender will be announced in 5 (five) working days after submitting bidding documentation.

Activity Date
Tender opening date for selection of investors January 18, 2017
Final Deadline for submission of bidding documentations Until 18:00 of February 20, 2017
Winner announcement February 27, 2017
Conclusion of Shareholders Agreement March 06, 2017


selection of investor

Appendix- Basic terms and conditions

Posted in Investors Page, Uncategorized, Wind


January 2018
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