Clean Energy Invest AS (CEI) entered the Georgian market in 2010. After a competitive tender, for which three companies submitted bids, Clean Energy Invest AS was awarded a perpetual licence to develop, build, own and operate (BOO) the hydropower potential on the Adjaristsqali river and its tributaries.

CEI is active at every stage of the value chain, including tender preparation, feasibility study, environmental impact assessment study, construction permit, tender design, procurement, project financing, construction and operations. The hydropower potential on the Adjaristsqali River and its tributaries is being developed through the 178 MW Shuakhevi and 9 MW Skhalta HPP, by the Georgian project company Adjaristsqali Georgia LLC (AGL).

Vision and Values


Renewable energy for a sustainable world


Excellence in hydropower project execution


Competence, Sustainability, Responsibility


We monitor hydropower opportunities closely and demonstrate excellence in project execution


Executive Chairman

Bård Mikkelsen

Prior to co-founding CEI, Bård was CEO of Statkraft AS, the largest renewable energy company in Europe. Bård also played a key role in developing SN Power AS into one of the leading emerging market hydro power companies worldwide with investments in India, the Philippines, Chile, and Peru. Presently he is Chairman of the Board of Multiconsult ASA, Nettpartner AS, Quantafuel AS and Clean Energy Group AS and a member of the Shareholders Committee in Fred Olsen & Co. Bård was on the Supervisory Board of E.ON for five years and has previously held CEO positions in Oslo Energy Group, Ulstein Group and Widerøe Group.

Deputy Chairman

Finn Tore Sylte

Finn Tore has held different positions in Norsk Mineral AS, the majority shareholder of CEI. Finn Tore is a former CFO of Norsk Mineral AS and currently focuses on business development and follow-up of investments and projects.


Arild Mathisen

Arild has held several leadership positions within the Orkla Group, including as COO of Stabburet and as CEO of Ringnes. Since 1999, Arild has worked as a management consultant, and since 2008,  as Chairman of Norsk Mineral AS.


Kyrre Olaf Johansen

Kyrre is a board member of Adjaristsqali Georgia LLC and Adjaristsqali Netherlands B.V., the companies which are developing the hydropower potential in Georgia. He is also CEO of Norsk Mineral AS. Kyrre has previously been CEO of Entra AS and Mesta AS and sits on the board of Istad AS and Implenia AG.


Ragnar Søegaard

Former CEO and co-founder of CEI. Prior to co-founding CEI, Ragnar was CFO of E-CO, the second largest power company in Norway, with 10 TWh of hydro power generation. Ragnar is Chairman of Glitre Energi AS, a Norwegian utility company with approximately 2.5 TWh of hydro power production and a board member in Quantafuel AS and Clean Energy Group AS. He is also a professor of finance and accounting at the Asian Institute of Technology in Bangkok.