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Renewable energy allows for a significant reduction in carbon dioxide emissions
Established in 2007, GeoLatex is a company based in Tbilisi that imports and distributes a wide variety of medical supplies and other products throughout Georgia.
In 2021, the company began manufacturing eco-friendly ergonomic furniture for children and young adults. The investment proved successful; however, due to the resulting increased energy demands and rising electricity rates, the operational costs of the new production line were quite high. This motivated the management of GeoLatex to look for alternative sources of energy. After conducting extensive research, it was decided to invest in a solar power plant.
With the help of a partner financial institution, GeoLatex applied for GEFF financing. The detailed project was submitted to the GEFF experts who analysed the various components of the project and estimated the benefits for the company of using solar energy. The required technology with the appropriate certification was quickly found in GEFF’s Green Technology Selector, which greatly simplified the loan application process.
The investment amounted to US$ 100,000 and enabled the company to install a solar power station with a capacity of 198 kW. This will allow GeoLatex to generate 267 MWh of energy annually and save US$ 36,000 in energy costs. With such a high return on investment, the company will be able to repay its loan in exactly 3 years. Each year, GeoLatex will reduce its CO2 emissions by 138 tonnes, which amounts to a significant reduction of the company’s negative impact on the environment, considering the power station’s lifespan of 20+ years.
The project is supported by the Green Climate Fund (GCF) and the Austrian Federal Ministry of Finance (BMF).