The European Bank for Reconstruction and Development has approved a loan of up to $19.6 million for Veli’s solar portfolio in Georgia. The bank’s project record lists approval on 9 September 2026.

The portfolio comprises ten solar plants with a combined capacity of 52.8 MW. Financing would support five new plants totalling 40.6 MW and refinance local-bank bridge financing for five operating plants with 12.2 MW of capacity.

Loan agreement under negotiation

Veli director Nino Mchedlishvili told BMG that the company was negotiating the loan agreement and its terms following board approval. She expected that process to conclude in the first quarter of 2027.

Her comments distinguish the approval from a completed financing agreement: the contractual details remain under discussion.

Solar development in Kakheti

Veli’s stakeholder engagement plan places the projects in Kakheti, eastern Georgia. It identifies existing sites at Jughaani, Khirsa, Kistauri, Kedi and Gamarjveba, alongside developments around Patardzeuli, Badiauri and Sagarejo.

The document names Georgian construction company Peri as the contractor that built and maintains the operating plants, and as the planned engineering, construction and maintenance provider for the additional sites.

EBRD says its role includes providing long-term project financing on terms unavailable in the local market. The transaction would therefore support both new construction and the refinancing of assets already producing electricity.

Source note: Based on EBRD’s Veli SPP project summary, Veli’s stakeholder engagement plan dated June 2026, and BMG reporting published on 16 September 2026.