Significant failures were found in the project’s compliance with the environmental and social policies of the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB)
New comprehensive assessments of project alternatives, climate risks, and environmental and social impacts are necessary if the project will ever restart
Already mired by controversy, the billion dollar Nenskra hydropower plant is now facing another major hurdle as the company contracted to realize the project is now leaving it.
Europe’s wildlife guardian has sent a warning to Georgia over changes to a protected area in the Caucasus mountains. International lenders are interested in financing hydro developments in the region.
Today the Asian Development Bank started its annual meeting and one of the projects that we will be discussing with the bank’s management and Board of Directors is a loan for the 280 megawatt Nenskra hydropower plant in the Svaneti region of Georgia. The ADB is planning to provide a loan of USD 176.70 million and a Political Risk Guarantee over USD 100.00 million for Nenskra, with a total cost of the project of USD 930 million.
With hydropower and mining projects encroaching on their lands and livelihoods, Svan communities in Georgia’s northwest consider convening in an ancestral assembly to discuss their course of action. Georgia’s indigenous Svans, an ethnic subgroup in Georgia’s Caucasus mountains with their own language
