Investor Presentaiton
GEL millions
Private investment
stage portfolio
companies
INTERNALY VALUED
Generation (GWh)
RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D)
PERFORMANCE HIGHLIGHTS
RENEWABLE ENERGY PROJECTS OVERVIEW | 30 June 2021
GEORGIA
CAPITAL
24.8 40.1
17.2
33.8
23.2
23.5
25.7
41.4
26.4 44.4
46.6
43.2
Commissioned
projects
Installed capacity
(MWs)
Actual/
Target
commissioning
Gross
capacity factor
(P50)
PPA
expiration
PPA tariff,
Us¢/KWh
NMF
+5.6%
Mestiachala HPPS
50.0
1H19
+52.7%
+100.3%
9.3
9.3
5.0
+69.7%
Hydrolea HPPS
20.4
2H19
4.8
4.4
4.5
+52.4%
Qartli Wind Farm
20.7
2H19
40.2%
65-70%
47.3%
1H34
5.5
1H22-2H28
5.5-5.6
2H29
6.5
6.5
2.9
2.2
4.6
3.8
3.0
Pipeline projects
Zoti HPP
46.0
TBD
43.0%
TDB
5.1
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
Qartli WPP
Kaspi Wind Farm
Total
Mestiachala HPPS Hydrolea HPPS
2Q20 revenue 2Q21 revenue
1H20 revenue 1H21 revenue
Note 1: 2020 revenue of Mestiachala HPPs excludes business interruption (BI) accrual (GEL 2.6m in
1H20 and GEL 2.3m in 2Q20)
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.
54.0
TBD
37%-40%
TBD
TBD
262.6
2Q21
1H21
2Q21
1H21
EBITDA (GEL million)
Change (y-o-y)
11.2
+17.1%
14.9
+5.5%
Cash flow from operations (GEL million)
Change (y-o-y)
8.3
10.0
+33.8%
+23.9%
EBITDA margin
Change (y-o-y)
80.4%
72.7%
Average market sales price (Us¢/kWh)
+2.4ppts
-1.9ppts
Change (y-o-y)
3.1
-14.3%
3.1
-14.3%
Note 1: y-o-y change of cash flow from operations does not include one-off BI reimbursement
received in 2020 (GEL 4.7m in 2Q20 and GEL 9.7m in 1H20)
Dividend payment (GEL million)
4.7
9.5
68
Change (y-o-y)
NMF
+92.2%View entire presentation