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insufficient for perpetrators to carry out financial transactions,” noted Georgia’s central bank in a statement released on March 31.
However, it added that banks and financial institutions would tighten control on ongoing financial operations to avert any types of financial fraud.
This is not the first time that Georgian state authorities have been subjected to a large-scale cyberattack. On October 28 last year a massive cyberattack targeted the official websites of the Georgian presidency, courts, city halls and city councils, as well as those of non-governmental organisations and media outlets.
9.1.9 ​Renewable energy sector news
The European Bank for Reconstruction and Development (EBRD) is allocating €10mn for the reconstruction of Georgia’s Enguri Hydro Power Plant (HPP).
The EBRD had already allocated €28mn in 2018 for the reconstruction of the power plant but then it was discovered that an additional €10mn was needed for the project, said Deputy Finance Minister Giorgi Kakauridze. This brings the total EBRD loan for the HPP's reconstruction to €38mn.
The loan interest rate is 1% and the payment of the principal of the loan will start after eight years grace period.
Kakauridze said that construction work started last year and €6mn has already been spent.
LSE-listed Georgian holding Georgia Capital, the largest shareholder in the Bank of Georgia and Georgia Healthcare Group, has announced that it has received permits to develop two wind farms with an installed capacity of 108MW.​ At present, Georgia has a sole wind farm, with a capacity of 21MW, It was purchased by the holding from the state last November
The government has approved the concept for the group's renewable energy business's Wind Power Plant (WPP) projects near Tbilisi and Kaspi, Georgia Capital announced on January 13.
The approval represents a significant milestone in obtaining Power Purchase Agreements (PPAs) from the state, and these are expected to be finalised in the near future, according to Georgia Capital press release.
The Tbilisi and Kaspi wind farms are expected to have an average capacity factor within the 35%-40% range. Both projects are to be constructed in parallel with an expected commissioning date in the second half of 2022. Georgia’s first wind farm, Qartli Wind Farm was developed by the state with financing from the European Bank for Reconstruction and Development (EBRD).
Wind farms with 350 MW of installed capacity will be built in Georgia by 2021, according to Deputy Minister of Economy and Sustainable Development Davit Tvalabeishvili, as ​quoted​ ​by Business Media. According to Tvalabeishvili, 350 MW is the maximum power that the Georgian electricity system could receive from wind farms at this time.
"We conducted a study with German experts and found that by 2021, with the reserve capacities we have in the system, we could build about 350 MW of wind power stations and about 130 MW of solar power. If we build more, we could face blackouts since we do not have enough backup capacity," he was cited as saying.
The government has developed incentives to support the development of wind farms. It will pay 6.5 US cents per kWh over the first 10 years of operations.
48​ GEORGIA Country Report ​April 2020 ​ ​www.intellinews.com