1Q20 Results Discussion
Private early
stage portfolio
Renewable energy business overview (cont'd)
Valuation highlights | 31 March 2020
GEORGIA
CAPITAL
Financial metrics (GEL millions)
2017
2018
2019
1Q19
GEL millions, unless otherwise noted
31-Mar-20
At acquisition price (GCAP share)
151
GCAP ownership*
100%
31-Dec-19
Change
1Q20 Change
Revenue
NMF
NMF
16.2
NMF
6.6
NMF
107
41.4%
EBITDA
(1.7)
(0.8)
13.1
(0.2)
4.5
NMF
65%
35ppts
Cash flow from operations
(1.5)
(0.7)
2.8
(0.1)
6.9
NMF
* Following the buyout of the 34.4% minority shareholder in GRPC on 25 February 2020, Renewable Energy consists of
wholly-owned hydro and wind power plants with 91MW installed capacity in aggregate.
Renewable energy platform
Development Capex
76.6
68.3
32.9
11.3
11.1
-1.8%
Key points
Hydro: 210 MW
Of which operational 71MW
Wind: 228 MW
Of which operational 21MW
Renewable energy projects overview | 31 March 2020
Greenfield
MWs
projects
Cost
per MW
Gross
generation
Gross
capacity
PPA
PPA tariff
tenor
Current stage
(US¢/kWh)
(GWh)1
factor
years
Mestiachala HPPS
50
1.2
174
39.8%
15
5.5
Zoti HPPS
46
1.3
173
43.0%
15
5.1
Bakhvi 2 HPP
36
1.3
136
43.2%
15
5.5
Operational²
Under Construction
Feasibility
Strong performance of high-quality renewable assets, acquired in 4Q19.
GEL 5m insurance proceeds for business interruption ("BI") reimbursement for 2019
revenues from 50MW Mestiachala HPPS.
➤ The remaining GEL 5m BI reimbursement for 2019 revenues is expected to be
received in 2Q20.
➤ The 30MW Mestiachala HPP resumed operations in 2019, while the restoration
works continue on the 20MW Mestiachala HPP.
Racha HPPS
38
1.5
169
50.8%
Feasibility
Wind Tbilisi
54
1.3
191
40.3%
10
6.5
Development
Wind Kaspi
1Q20 performance
54
1.3
195
41.2%
10
6.5
Development
Wind (other)
99
1.4
340
39.2%
10
6.5
Darchi HPP
19
1.4
89
53.3%
10
5.6
Recent acquisitions
Hydrolea HPPS
21
1.8
105
Qartli Wind Farm
Total
21
1.4
438
85
1,657
58.5%
47.1%
8-10
5.6
13
6.5
Feasibility
Feasibility
Operational
Operational
GEL thousands, unless otherwise noted
Mestiachala HPPs²
Revenue
482
Hydrolea
1,576
Qartli Wind Farm
4,582
Of which, Bl reimbursement
326
➤ Projects under construction and under feasibility stages were put on hold in light of
the COVID-19 outbreak until there is more certainty regarding the effects of COVID-19
on the business landscape and the Georgian economy.
(1)
(2)
Generation capacity refers to target gross annual generation.
The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. 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 works continue on the 20MW HPP.
EBITDA
(150)
1,086
3,917
Generation (Gwh)
0.9
9.2
23.4
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