1. Renewable Energy Projects in Georgia
Qartli Wind Farm LLC Tornike Kazarashvili Chairman of the Board of Directors

2. Company Background
Qartli Wind Farm” LLC, registered and established under the laws of Georgia, is state owned company where participatory interest is owned by JSC “Georgian Energy Development Fund” (GEDF) and JSC “Georgian Oil and Gas Corporation”
(GOGC).
For the project financing purposes, on January 11, 2016, the Loan Agreement was signed between “Qartli Wind Farm” LLC and European Bank for Reconstruction and Development according to which USD has been allocated by the bank for this project.
Qartli Wind Farm will promote the strategy prescribed by the Government of Georgia, which stipulates to satisfy the demand of the population by low emission generation development during the winter months.
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3. About the project
The Site is located 7 km northeast to the city Gori, Shida Kartli Region.
MoU with the Georgian Government obtained in November 2015
Lot 1 – Wind turbine procurement, transportation, installation, commissioning with Vestas Benelux B.V is signed on 24 December, 2015
Grid Connection Agreement with Georgian State Electrosystem is signed on 16 February, 2016
Lot 2–Civil and electrical works contract is signed with China Nuclear Industry 23 Construction Co. LTD on 14 March, 2016
Power Purchase Agreement is signed with Electricity System Commercial Operator on 10 May, 2016
From January 27, 2017 QWF received a generation license/ qualified plant status issued by Georgian National Energy and Water Supply Regulatory Commission
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4. Technical Parameters Total Installed Capacity 20.7 MW
Annual Net Generation
84,1 GWh
Total Investment
USD USD
Number of turbines
6 units
Type of Turbine
Vestas V HH, 3.45 MW
Commissioning
December, 2016
Investment per MW
1,4
Civil and Electrical works started in the middle March, 2016 and finished 15 November, 2016.
Turbines Installation took the place on August 22, 2016 and finished September,
Cold and hot commissioning of turbines finished on November 15 and from this day the whole wind farm started a trial operation until December 20, 2016.
From November 15, whole generated electricity were supplied to the gird operator.
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5. Production report 9/16/2018 6xV117 3.45MW HH 91.5m Month Planned
Actual
Capacity Factor
Dec
6 300
7190
48,6%
Jan
6 400
6540
44,4%
Feb
6 900
5805
43,6%
Mar
8 300
8934
60,9%
Apr
7 400
9412
66,1%
May
7 500
7910
53,6%
Jun
7 200
8500
64,3%
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6. Background Government of Georgia
Georgian Energy Development Fund (GEDF) is a joint stock company established by Government of Georgia (GoG) on December 13, in order to promote and develop clean energy projects in the country
Ministry of Energy of Georgia
Director
GEDF is managed by the Ministry of Energy of Georgia and serve as an investable vehicle in clean energy project development in Georgia.
Finance & Investment
Project Management and Development
Project Support and Administration
Public and investor relations
Project Management
Legal Department
GEDF supports clean energy project development either though early project development investment and/or through an offering of the government’s shares in GEDF to potential investors
Financial Analytics
Research & Development
Contractor relation
Budgeting & Reporting
Technical expertise
Administration

7. GEDF’s activities
Parties involvement in project development & management processes
Core activities of
Georgian Energy Development Fund
Identification and analysis of potential “greenfield” sites including river-basin planning – and investigation of other renewable energy projects
Involvement
Finance initial costs related to the development of identified energy projects
Jointly – with a private investors – develop projects with an exit option for the Fund at various stages of development;
Support developing energy projects;
Facilitate project investment promotion;
Support potential financing arrangements with international financial institutions and/or private financial entities
Project lifecycle
Basic Design
Feasibility Study
Tender Documents
Operations
Construction
Reconnaissance study
Pre- Feasibility Study
GEDF’s involvement
Investor’s involvement

8. Cooperation schemes with GEDF

9. Project Initiation Process
Project Initiation by GEDF
Project Initiation by Investor
Letter of Intent
Investors write letter of Intent specifying:
The projects they want to cooperate on and the intended way of cooperation.
Information about the investor, their background and their view about project implementation plan.
NDA and Information Sharing
GEDF and Investor/project developer sign Non-Disclosure Agreement and share all the available information on specific projects
If needed site visits and discussions are made to evaluate projects
Due diligence
GEDF conducts technical, financial, legal and any other (if required) investigations of the proposed case
Agreement
Investor and GEDF make decision on the way of cooperation and projects to cooperate with
Investor and GEDF sign shareholding agreement/ service agreement. Terms of agreement are negotiable from project to projects.
SPV
Special purpose vehicle is established for further activities to be taken under Shareholder Agreement considered
Tender Opening and Investor Selection – The tender for the investor selection will be governed based on the rules and criteria's published by GEDF on the official Web Page (The investor proposing the most favorable exit Terms for the Fund will be awarded )
Call for investor
MOU / PPA - Ensured Continuity of the project – The Investor will be obliged to Obtain the Construction MoU and the PPA during the previously agreed time period
MoU with GoG
Investor selection
Investor’s commitment
Shareholder Agreement
Bank Guarantee - The Selected Investor will be obliged to submit the Bank guarantee in amount of the necessary (agreed in the shareholders agreement ) equity contribution within 5 (five) working days from the MoU /PPA signature Date.
Shareholder Agreement - The Basic terms and Conditions of the Shareholder Agreement will be also published on the official Web Page of the Fund along with the requirements; The Details will be agreed with the selected investor.
JVC
JVC – The Joint Venture Company will be governed based on the rules and principles and equity contribution issues previously agreed in the shareholder agreement.

10. GEDF’s Portfolio Reconnaissance Study Zestaphoni WF 150 MW
HPP Projects
150 MW
Adjara & Guria River Basins
Alazani & Mtkvari River Basins
Rioni River Basin Screening
Enguri River Basin Screening
Project Development
Pre Feasibility Study
Feasibility Study
Qartli 2 WF
100 MW
Wind Project
160 MW
Chala HPP
6 MW
CCGT
500 MW
Supsa HPP Cascade
30 MW
Basic Design
Udabno SPP
5 MW
Artana Lopota HPP
15 MW
Tender Documentation
Project Implementation
Namakhvani HPP Cascade
433 MW
Tsablari HPP
17 MW
Construction
JV with partners
Gori Wind Farm
20 MW
Shilda HPP
5 MW
Dariali HPP
108 MW
Operation
Under GEDF’s development
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Exited projects by GEDF

11. Other RE projects under GEDF’s portfolio
GEDF is managed by the Ministry of Energy of Georgia and serve as an investable vehicle in clean energy project development in Georgia.
GEDF supports clean energy project development either though early project development investment and/or through an offering of the government’s shares in GEDF to potential investors
Name
Ins. Capacity
P50 Generation
Total Investment
Current status
Qartli 2
100 MW
317 GWh
140 mln. USD
Final FS
Nigoza
40 MW
154 GWh
56 mln. USD
Central
120 MW
416 GWh
168 mln. USD
Zestaphoni
150 MW
487 GWh
227 mln. USD
MoU signature
Udabno SPP
5 MW
6,9 GWh
mln. USD
TD for EPC
first sketches
Hydroproject was assigned to design a two-step cascade
a three-step cascade was approved: installed capacity of 450 MW; annual production of 1681 GWH
the project implementation was postponed because of political and financial issues
USAID drafted a Pre-Feasibility study
feasibility study for Namakhvani HPP cascade, E.C. Hydroproject, ordered by the Ministry of Energy
feasibility study Review & Update by Stucky, ordered by a private Turkish company
2012 – JSC Namakhvani established by the Government. Design review and pre-EPC services conducted by consultant Studio Pietrangeli. EPC tender resulted in final offers from 6 international companies but wasn’t brought to the finish due to the changes in company and shareholder management.
2013 – remarkable development of the project and completion of additional studies was proposed by the consultant during the basic design phase.
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12. Thank you for your attention!
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