Georgia Capital PLC Financial and Operational Report
Private investment
stage portfolio
companies
EXTERNALLY VALUED
RENEWABLE ENERGY BUSINESS OVERVIEW
INVESTMENT RATIONALE
■ Growth in electricity consumption has been ~3.3x more in TWhs
than growth in electricity supply since 2010, resulting in increased
deficit.
■Favorable supply-demand dynamics pushing the power prices up.
Georgia is on track to the harmonization of the current energy
market structure with EU directives leading to a liquid,
competitive and transparent market.
■ Natural cash flow hedge with fully dollarised revenues.
VALUE CREATION POTENTIAL
Opportunity to establish a renewable energy platform with up to
~240MW operating capacity over the medium term and
capitalize on favorable electricity market conditions.
■ Diversified portfolio of hydro and wind power plants with c.40%+
capacity factors, benefiting from favorable mix of merchant sales
and government PPAs, providing high visibility and significant
upsides.
High margins and dollar-linked cash flows.
Availability of competitive green funding from local and
international capital markets for pipeline projects.
■ Stable dividend provider capacity in the medium term.
OWNERSHIP
■ Renewable Energy is 100% owned by Georgia Capital.
TWh
TWh
20.0
ELECTRICITY CONSUMPTION
16.0
12.0
9.3
9.4
9.7
10.2 10.4
5.0% average consumption growth rate
12.6 12.8
11.9
11.0
13.8 14.2
12.2
8.4
8.0
4.0
0.0
00
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Electricity consumption
ELECTRICITY IMPORT AND EXPORT DYNAMICS (TWh)
2.0
0.6
0.0
-2.0
-4.0
-6.0
(3.9)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
I Electricity exports
Electricity imports
Generation of TPPS
Deficit
GEORGIA
CAPITAL
21.5% of total consumption
produced by gas-fired TPPS, 9.7% -
imported.
■ 2022 electricity consumption up by
11.0% and 16.7% from 2019 and
2020 respectively.
More than 30% of consumed
electricity was either import or
generated by gas-fired TPPs.
■In 2022 weighted average ESCO
balancing price reached 55.5
US$/MWh, up by 12.7% y-o-y.
■ 2022 net electricity deficit stood at
3.9 TWh, whereas in 2010, electricity
surplus was at 0.6 TWh
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