Georgia Capital Shareholder and Market Opportunity Overview
Private investment
stage portfolio
companies
INTERNALY VALUED
RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D)
1Q21 PERFORMANCE
RENEWABLE ENERGY PROJECTS OVERVIEW | 31 March 2021
GEORGIA
CAPITAL
Generation (GWh)
0.9
1.3
9.2
10.6
23.4
19.8
Commissioned
projects
Installed capacity
(MWs)
Actual/
Target
commissioning
Gross
capacity factor
PPA
expiration
PPA tariff,
Us¢/KWh
-5.8%
Mestiachala HPPS
50.0
1H19
39.8%
1H34
5.5
GEL thousands
4,582
4,318
Hydrolea HPPS
20.4
2H19
59.1%
1H22-2H28
5.5-5.6
Qartli Wind Farm
20.7
2H19
47.2%
2H29
6.5
+47.6%
+26.0%
1,986
1,576
Pipeline projects
Zoti HPP
46.0
2H23
43.0%
2H38
5.1
156
230
Darchi HPP
17.5
1H23
55%-60%
1H33
5.5
Tbilisi Wind Farm
54.0
TBD
37%-40%
TBD
N/A
Qartli WPP
Kaspi Wind Farm
Mestiachala HPPS
Hydrolea HPPS
1Q20 revenue 1021 revenue
Note 1: 1Q20 revenue of Mestiachala HPPs excludes business interruption (BI) accrual of GEL 0.3 million
Note 2: Mestiachala HPPS - 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 process is on-going on the 20MW HPP.
Total
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
N/A
262.6
1Q21 FINANCIAL HIGHLIGHTS
GEL 3.7m
56.4%
-18.9% y-o-y
EBITDA
-12.0% y-o-y
EBITDA margin
GEL 1.7m
-75.1% y-o-y
Cash flow from operations
6.2 USC/Kwh
-1.2% y-o-y
Average sales price
GEL 4.7m
-3.8% y-o-y
Dividend payment
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