Connect with us

Georgia Partnership Fund Starts Construction on Thermal Power Plant

Published

on

The US$ 4.3 billion Georgian Partnership Fund initiated construction on a 230 MW natural gas combined cycle thermal power plant 39 km south of the nation’s capital on January 17, 2014. The plant is financed jointly through the Partnership Fund and its wholly owned state-owned enterprise Georgian Oil and Gas Corporation (GOGC). The power plant is expected to be fully operational by 2015. It will generate 1.8 billion KW annually. Turkish energy company Çalık Enerji will be constructing the plant. The total cost of constructing the plant is placed at US$ 220 million.

Several leaders were present at the groundbreaking ceremony, including Irakli Gharibashvili, Prime Minister of Georgia; Kakhi Kaladze, Vice-Premier and Energy Minister of Georgia; Ahmet Çalık, Head of Çalık Holding and Irakli Kovzanadze, Executive Director of the Partnership Fund.

In a prior interview with the Sovereign Wealth Fund Institute, Mr. Kovzanadze noted a concerted effort to increase energy infrastructure saying, “For the past few years Georgia has been a net exporter of electricity; however, it required import and thermal power in the winter. As consumption is growing and the requirements for import or additional capacities are increasing, several new projects have been commenced.”

For the country’s prime minister, energy infrastructure is more than a step in bolstering their energy trade, but also a serious imperative for national security. “For any country and especially for Georgia, energy independence and energy security is very vital which is directly connected with the security of the whole country,” said Gharibashvili in a statement.

Currently, the country is 75% dependent on foreign energy, according to Energy Minister Kaladze. But “the country has everything to strengthen its energy independence,” he said.

Follow the Money – Episode 48

Published

on

This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

Download the Episode

CONTENTS
1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities

EPISODE 48

Stream off Follow the Money

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

Continue Reading

Danica Pensions Sells Danica Pension Sweden

Published

on

Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Stephen Gilmore Named CIO of New Zealand Superannuation Fund

Published

on

The Guardians of New Zealand Superannuation appointed Stephen Gilmore as chief investment officer. Previously, Gilmore was Chief Investment Strategist at Australia’s Future Fund – holding a series of positions between 2009 and 2018. In a press release, NZSF CEO Matt Whineray said, “We are delighted to have been able to attract a global investment leader of Stephen’s calibre to the Guardians. The NZ Super Fund is expected to grow strongly over the next few years and Stephen’s experience at the Future Fund, one of the world’s leading sovereign wealth funds, will be invaluable.”

Gilmore’s appointment is effective late February 2019.

Gilmore also had roles at Morgan Stanley, Banque AIG, the International Monetary Fund (IMF), and Chase Manhattan Bank.

Image photo is provided courtesy of the New Zealand Superannuation Fund.

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.