Investor Presentaiton
GEL millions
Private investment
stage portfolio
companies
INTERNALY VALUED
RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D)
PERFORMANCE HIGHLIGHTS
RENEWABLE ENERGY PROJECTS OVERVIEW | 30 September 2021
GEORGIA
CAPITAL
Generation (GWh)
55.8 52.4
12.6
11.4
23.2
19.1
81.5
93.8
39.0
55.8
69.8
62.3
Commissioned
projects
Installed capacity
(MWs)
Actual/
Target capacity factor
commissioning
(P50)
Gross
PPA
expiration
PPA tariff,
Us¢/KWh
-4.8%
-8.9%
-18.4%
+11.2%
+45.3%
-6.2%,
Mestiachala HPPS
50.0
1H19
14.1
Hydrolea HPPS
20.4
2H19
7.8
7.5
13.2
12.1
10.9
Qartli Wind Farm
20.7
2H19
40.2%
65-70%
47.3%
1H34
5.5
1H22-2H28
5.5-5.6
2H29
6.5
4.7
3.9
8.0
5.5
Pipeline projects
Zoti HPP
46.0
TBD
43.0%
TDB
5.1
1.7 1.6
Darchi HPP
17.5
1H23
55%-60%
1H33
5.5
Tbilisi Wind Farm
54.0
TBD
37%-40%
TBD
TBD
Mestiachala HPPS Hydrolea HPPS
Qartli WPP
3Q21 revenue
Mestiachala HPPS Hydrolea HPPS Qartli WPP
9M20 revenue 9M21 revenue
Kaspi Wind Farm
54.0
TBD
37%-40%
TBD
TBD
Total
262.6
3Q20 revenue
Note 1: 2021 revenue of Hydrolea HPPs excludes business interruption (BI) accrual (GEL 0.6m in 3Q21
and 9M21)
Note 2: Mestiachala HPPS - Mestiachala HPPs were flooded and taken offline in late July 2019.
Following the rehabilitation, 30 MW generation unit was recommissioned in December 2019, while the
restoration process is on-going on the 20MW HPP.
FINANCIAL HIGHLIGHTS
Note 1: In case of Qartli Wind Farm and Hydrolea HPPs, commissioning date shows the acquisition date of the power plants by
Georgia Capital.
Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia.
EBITDA (GEL million)
Change (y-o-y)
EBITDA margin
Change (y-o-y)
3Q21
10.8
-19.1%
9M21
3Q21
9M21
25.7
-6.5%
Cash flow from operations (GEL million)
Change (y-o-y)
10.4
20.4
-8.0%
-29.8%
80.4%
75.8%
Average market sales price (Us¢/kWh)
4.1
3.5
-3.4ppts
-3.Oppts
Change (y-o-y)
+3.2%
-7.4%
Dividend payment (GEL million)
5.0
14.5
69
69
Change (y-o-y)
NMF
NMFView entire presentation