Georgia Capital Shareholder and Market Opportunity Overview
INVESTING IN RENEWABLE ENERGY
INDUSTRY INVESTMENT RATIONALE
High margins, dollar linked cash flows
Growing market, with 35% of demand satisfied through imports and TPPS
High capacity factors
Low penetration of air conditioners and high Cooling Degree Day (CDD)
CURRENT INVESTMENT OVERVIEW | 31-Mar-21
GEL million
147
69
207
(10)
TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER
THE NEXT 3 YEARS²
■ Over the next 3 years we will be launching pipeline projects: wind farms in
Tbilisi and Kaspi, Zoti HPP and Darchi HPP.
RENEWABLE ENERGY SNAPSHOT
MOIC (Multiple of Invested Capital)
IRR
Installed capacity
Run-rate EBITDA
NOW
IN 3-5 YEARS
1.5x
2.0x+
18.2%
91MW
20%+
263MW
GEL 45mln
GEL 122mln³
GEORGIA
CAPITAL
GCAP Equity invested
Value creation
Dividends
Equity value
31-Mar-21
RANGE FOR PEER TRADING MULTIPLES1
11x-18x
LTM EV/EBITDA
NOTABLE TRANSACTION FROM GEORGIA - TEPCO & DARIALI ENERGY
In April 2020, Renewable Energy arm of Tokyo Electric Power Company
Holdings, Japanese Electric Utilities company, acquired 31.4% of 108MW
Dariali HPP.
REGIONAL4 TRANSACTION HIGHLIGHTS IN THE SECTOR5
182 transactions over the last 3 years
■ Of which, 38 transactions have less than US$ 100mln size
Georgia Capital PLC | 1. Our valuation peer group multiples as of 31-Mar-21. 2. Announced in November 2020. 3. Run-rate EBITDA assuming 3.2 GEL/USD exchange rate.
4. Region covers countries in European and Asian Emerging Markets. 5. Source: Capital IQ.
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