Richest man in Estonia to invest $200 million in Georgia

Estonia’s wealthiest man is set to invest $200 million USD in Georgia.

Oleg Osinovsky, who was recently named Estonia’s richest man in the Estonian business magazine Aripaev, said he would invest $200 million USD in hydro energy.

The businessman announced his initiative in an interview with Estonian newspaper Eesti Paevaleht.

"Georgia is the best place to invest in hydro power, as the country has 26,000 rivers that originate from the mountains,” Osinovsky said.

His company will build four hydropower stations, which will generate 100 megawatts of electricity annually. The project is expected to cost about $200 million US dollars.

"Estonia does not give a possibility to invest this amount of money,” added Osinovsky, whose fortune is estimated to be around 300 million Euros.

Osinovsky owns Spacecom AS, a company which leases railway tankers, and Skinest Rail, which executes railway transport and is represented in Georgia. (Agenda.Ge)