OPEX Ratio Alignment & Portfolio Valuation Overview
Private investment
stage portfolio
companies
EXTERNALLY VALUED
RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D)
PERFORMANCE HIGHLIGHTS
RENEWABLE ENERGY PROJECTS OVERVIEW | 30 JUNE 2022
GEORGIA
CAPITAL
Generation, 33.8 40.1 34.3 33.8 20.5
GWh
23.5 88.6 97.4
35.4 41.4 47.5 44.4
39.6 43.2 122.5 129.1
Commissioned Installed capacity
projects
(MWs)
Gross
capacity factor
(P50)
PPA
expiration
PPA tariff,
US$/KWh
Generation in
deficit months
Mestiachala HPP
30.0
40%
1H34
5.5
72%
4.3 4.2
6.4 6.2
Hydrolea HPPS
20.4
70%
1H22-2H28
5.5-5.6
79%
Qartli Wind Farm
20.7
47%
2H29
6.5
85%
Total operating
71.1
Pipeline projects
2.8
2.6
Zoti HPP
46.0
43%
TBD
5.1
68%
2.3
1.4 1.3
1.5
1.5
1.3
1.3
1.9
Darchi HPP
18.0
55%-60%
1H34
5.66
76%
1.5 1.4
Tbilisi Wind Farm
54.0
37%-40%
TBD
TBD
82%
Kaspi Wind Farm
54.0
37%-40%
TBD
TBD
84%
Total pipeline
172.0
Mestiachala
HPP
Hydrolea
HPPS
Qartli WPP
Total
Mestiachala
HPP
Hydrolea
HPPS
Qartli WPP
Total
Total
243.1
2Q22 2Q21
1H22 1H21
Note 1: Mestiachala HPP was commissioned in 1H19; Qartli Wind Farm and Hydrolea HPPs were acquired in 2H19 by Georgia
Capital; Target commissioning date of Darchi HPP is 1H24
Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia.
FINANCIAL HIGHLIGHTS
EBITDA (US$ million)
2Q22
3.5
1H22
2Q22
1H22
4.7
Cash flow from operations (GEL million)
7.8
11.3
Change (y-o-y)
+4.4%
+5.6%
Change (y-o-y)
-6.2%
+12.6%
EBITDA (GEL million)
10.5
14.2
Average sales price in (US$/MWh)
48.7
52.1
Change (y-o-y)
-5.9%
-4.3%
Change (y-o-y)
+12.6%
+9.2%
EBITDA margin
82.0%
73.9%
Dividend payment (GEL million)
2.1
4.2
65
Change (y-o-y)
+1.6ppts
+1.2 ppts
Change (y-o-y)
-56.6%
-55.4%View entire presentation