FY20 Results and Strategy Overview
INVESTING IN RENEWABLE ENERGY
INDUSTRY INVESTMENT RATIONALE
High margins, dollar linked cash flows
Growing market, with 35% of demand satisfied through imports and TPPS
High capacity factors
Low penetration of air conditioners and high Cooling Degree Day (CDD)
CURRENT INVESTMENT OVERVIEW | 31-Dec-20
GEL million
145
70
210
(5)
TOTAL NET INVESTMENT OF c. US$ 36MLN IDENTIFIED FROM GCAP OVER
THE NEXT 3 YEARS
■ Over the next 3 years we will be launching pipeline projects: wind farms in
Tbilisi and Kaspi, Zoti HPP and Darchi HPP.
RENEWABLE ENERGY SNAPSHOT
MOIC (Multiple of Invested Capital)
IRR
Installed capacity
Run-rate EBITDA
NOW
IN 3-5 YEARS
1.5x
2.0x+
20.5%
91MW
20%+
263MW
GEL 45mln
GEL 122mln²
GEORGIA
CAPITAL
GCAP Equity invested
Value creation
Dividends
Equity value
31-Dec-20
RANGE FOR PEER TRADING MULTIPLES³
11x-21x
LTM EV/EBITDA
Georgia Capital PLC | 1. Region covers countries in central Europe and Asia. 2. Run-rate EBITDA assuming
3.2 GEL/USD exchange rate. 3. Our valuation peer group multiples as of 31-Dec-20. 4. Source: Capital IQ.
RECENT NOTABLE TRANSACTION FROM GEORGIA - TEPCO & DARIALI
ENERGY
In April 2020, Renewable Energy arm of Tokyo Electric Power Company
Holdings, Japanese Electric Utilities company, acquired 31.4% of 108MW
Dariali HPP.
REGIONAL¹ TRANSACTION HIGHLIGHTS IN THE SECTOR4
167 transactions over the last 3 years
■ Of which, 32 transactions have less than US$ 100mln size
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