IPM, Partnership Fund to Invest $100M in Energy Projects in Georgia

Reuters

TBILISI, July 13 (Reuters) - Fund management and advisory company InfraPartners Management LLP (IPM) and Georgia's Partnership fund plan to invest $100 million in renewable energy-related infrastructure in the ex-Soviet country, the firm said on Wednesday.

The company said it signed a memorandum of understanding with the state-owned fund.

"It is expected that about $100 million will be invested in the first stage of the project's development," London-based IPM said in a statement.

It said the first investment vehicle will provide equity financing for the Eco Green City project in the capital Tbilisi, building medical centres, schools, trade centres and ecologically friendly housing, where 90 percent of the energy will be generated from solar, wind, hydro and biogas energy sources.

Similar projects are planned across Georgia, InfraPartners Management said.

(Reporting by Margarita Antidze; Editing by Ruth Pitchford)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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