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


Clean Energy Invest AS (CEI) is owned by the founders and Norsk Mineral AS, a Norwegian family owned industrial group. In 2011, CEI partnered with IFC Infraventures (IFC), part of the World Bank Group for the development of the project. In 2013, Tata Power, India’s largest integrated power company, joined as an owner. As the project entered into commercial operations in 2020, CEI and Tata Power aquired IFCs’s shares and now hold 50% each.


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 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. Finn Tore is a board member in Istad AS.


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 Chairman of Adjaristsqali Georgia LLC and Adjaristsqali Netherlands B.V., the companies which are developing the hydropower potential in Georgia, PartnerPlast AS, Brønnøy Kalk AS and Berling Property Invest AS. 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 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, Brakar AS and Croation Development Property AS, Vice Chairman in Quantafuel AS and a board member in Clean Energy Group AS. He is also a professor of finance and accounting at the Asian Institute of Technology in Bangkok.