Enka secures $383M arbitration win against Georgia over hydropower dispute
File photo shows a construction worker is seen reinforcing steel bars at a construction site, with the sun setting in the background. (AA Photo)
Turkish construction giant Enka won its case against the Georgian government over the termination of the Namakhvani Cascade Hydropower Project, securing $383 million in arbitration.
The company announced through the Public Disclosure Platform (KAP), Enka Renewables LLC, the subsidiary involved, successfully proved that its contract was justifiably terminated, obligating the Georgian government to compensate the company.
The dispute traces back to 2017 when Enka won contracts for two hydropower projects in Georgia. However, the projects faced public protests and were ultimately canceled in 2021 under a newly formed Georgian government.
Enka pushes for invest in Egypt
In parallel developments, Enka Chairman Mehmet Tara, led a delegation to Cairo for high-level discussions with Egypt’s Minister of Investment and Foreign Trade, Hasan El-Hateeb. The talks revolved around potential investments in renewable energy, infrastructure, healthcare, airport development, and public-private partnerships.
According to economy-focused dunya.com, Tara emphasized Enka’s eagerness to expand in Egypt, citing the company’s global expertise in large-scale projects. Minister El-Hateeb highlighted Egypt’s strategic location, robust infrastructure, and expansive market as advantages for foreign investors, particularly from Türkiye.
Enka remains a key player in Türkiye’s construction sector, with a diverse portfolio spanning Europe, Asia, and Africa. The company has operated in Africa for over five decades, completing more than 60 projects across 10 nations, including Gabon, Mauritania, Algeria, Sierra Leone, and Ethiopia. Libya has been a focal point of its African operations since its entry in 1973 with the Benghazi Cement Factory.
The total value of Enka’s completed African projects stands at $4.2 billion, encompassing infrastructure, energy facilities, and oil and gas initiatives.
