At the invitation of Georgian Industrial Group, President Gong Jingkun of HEI accompanied by Vice President Wang Shimin, Deputy Director of 1st Marketing Department of HEI and many others paid a visit to Georgia from July 23 to 25, 2014,. They held friendly meetings with President David Bezhuashvili of Georgian Industrial Group, Mr. Giorgi Kvirikashvili, Vice Prime Minister as well as Economy and Sustainable Development Minister and Mr. Irakli Khmaladze, Deputy Energy Minister of Georgia separately.

On July 23, Mr. Gong Jingkun held a meeting with President David Bezhuashvili of Georgian Industrial Group. Georgia’s side spoke highly of research and investigation conducted by HEI’ team for Tkibuli 150MW Coal Fired Power Plant in the middle of May as well as the visit paid by Vice President Wang Shimin of HEI in late May. They were happy with the work and proposals conducted by HEI, and appreciated HEI’s expertise and attitude. Georgia believed that both parities’ professional teams will join efforts to constantly push forward the development of Tkibuli 150MW Coal Fired Power Plant.

Mr. Gong Jingkun said that HEI attached great importance to the development of the Georgian Power Market and had given priority to the development of Tkibuli 150MW Coal Fired Power Plant. This is perfectly demonstrated by this visit which shows the confidence and resolution of the HEI to well conduct the project.

With in-depth exchange of views, both Parties consistently agreed that financing is the key-point of the project. Georgian Industrial Group stated that, they are pleased with the interest of SINOSURE and Bank of China in the financing of this project, but they concerned about the specific process of financial issues, financing methods and loan exchange rates. Both parties also mentioned that as the high-level exchanges of visits between China and Georgia will dramatically promote the project, both parties should endeavor to get the support from their respective governments and so seize the opportunity to sign the project cooperation agreement during the high level visits between the two countries, which will significantly advance the process of the project’s financing.

Both parties also held an in-depth discussion on the situation of the Georgian power sector and shared the opinion that Tkibuli 150MW Coal Fired Power Plant would be the start-up and foundation of bilateral cooperation. Both parties also intended to make further collaboration on hydro power plant projects, gas fired power plant projects, and transmission lines projects in the next stage. With the rapid development of the Georgian power sector in the recent years, both parties should seize the opportunity to broaden the cooperation fields.

On July 24, when meeting with Mr. Giorgi Kvirikashvili, Vice Prime Minister as well as Economy and Sustainable Development Minister of Georgia, Mr. Gong Jingkun made an introduction about the development process of the HEI as well as its achievements. Georgia’s side introduced the major trend of Georgia power sector’s development, together with some policies for attracting foreign investment. The Georgian government intends to accelerate the construction of infrastructures in coming years, among which power plant projects are the top priority. With abundant hydro-power resources among which 70% to be developed, the Georgian government hopes that the major companies could make investment in the hydro-power projects. Indian Tata Group and South Korean K-Water Company are making investments on BOO basis to conduct hydro-power projects.

Vice Prime Minister of Georgia expressed that Georgia boasts an open investment policy, which will encourage and support the major Chinese companies to make investment in Georgia with the Governmental policy and regulatory support. In the end of June, Georgia had signed an agreement, becoming the associate EU membership, which is of great importance for HEI to gain access to the Georgian power market and to accumulate experience, so as to enter the high-level market.

During this visit, HEI settled the timelines for the development of Tkibuli 150MW Coal Fired Power Plant Project, specified the further work for the next stage, and pushed forward the development of the project. Meanwhile, it also increased the governmental influence of HEI, which is of great strategic importance for HEI to develop the Georgian power market.