Turkish and Korean investors refuse to invest in Georgian dams

Korean and Turkish investors have abandoned the project of constructing a cascade of dams in Georgia’s Namakhvan, with a planned output of 450 MW, Vzgliad reports.

Investors were to spend $800 million, according to the contract signed at the Palace of President Mikheil Saakashvili in Tbilisi in 2009. Five-year construction was to start in 2011. It required the migration of up to 800 citizens.

The Georgian Energy Ministry is searching for new investors.