American Icelandic Georgian Investment
Story behind the Project
AIS LLC is a special purpose company to develop the Akhalkalaki HPP Project, co-owned by Caucasus Clean Energy Holding, LVP Co LLC and Hydro Energy LLC. The information about mentioned companies are given below.
CCEH exclusively invests in Georgia’s hydropower sector with the goal of helping turn Georgia into a clean energy hub for the Caucasus region. In addition to the provision of capital, the Fund provides significant additional non-financial assistance to its portfolio companies. The Fund works hand-in-hand with management teams, providing financial, operational, technical, ESG, and managerial support to ensure long-term success.
LVP Co LLC is owned by Landsvirkjun Power and Verkís. Landsvirkjun Power (“LVP”) is a fully owned subsidiary of Landsvirkjun, the National Power Company of Iceland. LVP was founded in 2007 for purposes of providing advisory services and developing hydro and geothermal power projects internationally. Landsvirkjun is owned by the Icelandic state and produces electricity from 100% renewable energy resources: hydroelectric energy, geothermal energy, and wind energy. Landsvirkjun is the country’s largest electricity generator, producing around 70% of all electricity used in the country. It owns and operates 15 hydroelectric and 3 geothermal power stations in Iceland, with an installed capacity of around 2,200 MW.
Verkís was founded in 1932, making it the oldest consulting firm in Iceland. Verkís now operates as a leading multi functionary consulting firm involved in numerous projects in varying locations around the globe. With just over 300 multilingual, highly qualified and competent staff, including hydro-power experts trained all around the world, Verkís provides technical services throughout the complete project development chain. Akhalkalaki HPP was designed by Verkís.
Hydro Energy LLC, is a Georgian firm that was established in 2016, especially for the development purpose of the Akhalkalaki HPP Project. The firm is owned by three Georgian individuals with many years of experience in the energy sector of Georgia. After the establishment of AIS LLC, the MoU was officially passed from Hydro Energy LLC to AIS LLC for the development, construction, and operation purpose of the Akhalkalaki HPP.