Eagle Hills to manage business, but key decisions require state consent - Deputy Economy Minister
According to Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, negotiations with Eagle Hills spanned over nine months and proved to be a challenging yet highly engaging process.
Nadareishvili also highlighted the vital support provided by a robust international law firm throughout the negotiations.
“I believe that this model, where the state acts as a project partner, could prove to be very promising for future initiatives, including infrastructure and energy projects, where direct state involvement is crucial for the investor. This arrangement will encourage them to take certain necessary steps,” he explained.
The Deputy Minister highlighted the pioneering venture capital investment fund in the region, introduced in Georgia approximately two years ago, as a successful example of the state’s passive partnership in projects, which was previously considered quite difficult and even unthinkable.
According to Irakli Nadareishvili, the state is also participating in this project as a passive investor, and its involvement has resulted in the remaining investors being entirely from the private sector, including highly reputable international financial institutions and, most notably, an American asset manager ranked among the top five globally.
“Therefore, any speculation about the state entering the business directly is truly laughable. In the case of Eagle Hills, the company itself will manage the business, as this is its prerogative and area of expertise. However, the state will be represented at all levels, such as on the supervisory board and within the governance structure, but in a passive capacity.
At the same time, we have ensured that certain issues will require decisions to be made by consensus, meaning that some key decisions will not be made without the approval of the state,” the Deputy Minister of Economy stated.
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Today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy - Levan Zhorzholiani
08.01.2026.22:42
Levan Zhorzholiani, the Head of the Georgian Government Administration, on Thursday said that despite anti-Russian rhetoric in public statements, the former Government under Mikheil Saakashvili transferred strategic energy facilities to the Russian side and imposed higher tariffs on Georgian citizens by its own decision - an approach that was later rejected by the Georgian Dream Government.
In his remarks, Zhorzholiani noted that the Saakashvili administration sold all strategic energy assets, including the transfer of the Khrami hydropower plants to Inter RAO, a Russian company, further pointing out that a Government decree was issued at the time, under which the Georgian Government promised to compensate the Russian side for its investments through increased electricity tariffs.
“The Government also issued a directive promising the Russian side that the increased electricity payments would compensate for the costs they incurred, which, of course, would have burdened Georgian citizens by raising electricity tariffs. The Georgian Dream Government refused to do this. Firstly, because the Government has no authority to set such tariffs; that is the responsibility of the Georgian National Energy and Water Supply Regulatory Commission (GNERC). GNERC set a fair tariff that did not align with Russian interests, which led to arbitration proceedings”, he noted.
“Thanks to the active involvement and efforts of the Ministry of Justice, today a settlement agreement was signed with Inter RAO, which will have minimal, almost zero, impact on Georgia’s economy”, Zhorzholiani continued.
“As for political responsibility, it is clear that a government which publicly declared itself anti-Russian, but in practice acted in the most pro-Russian manner, transferred strategic energy facilities to a Russian company and attempted to impose increased tariffs on its own population - something the Georgian Dream government firmly rejected”, he concluded.