Turkish energy giant expands into Georgia with $460M wind, solar investments
File photo shows a renewable energy facility featuring both solar panels and wind turbines. (Adobe Stock Photo)
Adjar Energy, a subsidiary of Türkiye’s Eksim Holding, reached an agreement with the Georgian government for an additional $460 million investment in wind and solar energy plants.
The investment, to be carried out jointly with the Georgian government, will include six projects—five wind power plants and one solar power plant.
Georgian Prime Minister Irakli Kobakhidze, following a meeting with company executives, stated that a total project capacity of approximately 360 MW would be realized, business-focused dunya.com reported on Thursday. He emphasized that these projects would contribute to “strengthening the local sector and improving the country’s position in the competitive renewable energy market.”
Adjar Energy’s General Manager Cagatay Ulker highlighted the Georgian government’s strong support for foreign investors, affirming plans to increase investments in Georgia. “This is a significant milestone, and we expect to see positive results soon. More investment will come into the country. We believe in Georgia’s future and see great potential here,” he added.
Expanding renewable investments abroad
Eksim Holding made its first investment in 2006 by acquiring a license for a hydroelectric power plant, and in 2007, it expanded its portfolio by obtaining wind energy licenses in Izmir, Balikesir, Tokat, and Amasya. Its subsidiary, Eksim Energy, currently operates eight wind power plants and one hydroelectric power plant across Türkiye, with a total installed capacity of 550 MW.
The company has a total installed capacity of 430 MW in Georgia and Ukraine, with its most prominent international subsidiary being Adjar Energy. Operating in Georgia, Adjar Energy has so far completed two hydroelectric power plants, with investments exceeding $200 million.
Its current portfolio includes the 48.7 MW Khelvachauri Hydroelectric Power Plant (HPP) and the 51.2 MW Kirnati HPP. Additionally, the company is awaiting investment approval for several wind power projects in Georgia, including the 50 MW Zeda Teseva Wind Power Plant (WPP), 50 MW Gori WPP, 50 MW Jalaurta WPP, 50 MW Botisi WPP, and 50 MW Imereti WPP. Eksim also has a 67 MW Skole WPP project in Ukraine.
This agreement came on top of Adjar’s existing $200 million investment in Georgia.
