Portfolio Valuation and Ameriabank Acquisition Update
RENEWABLE ENERGY BUSINESS
OPERATING PERFORMANCE OVERVIEW
RENEWABLE ENERGY
REVENUE DEVELOPMENT
-0.9%
15
+5.3%
14
9
-4.8%
6
EBITDA DEVELOPMENT
+6.6%
11
GEORGIA
CAPITAL
-7.1%
10
10
3
2
9
2
2
9
4Q22
4Q23
FY22
FY23
4Q22
4Q23
FY22
FY23
■PPA
Non-PPA
- Total revenue
KEY DRIVERS
A y-o-y increase in the 4Q23 revenue and
EBITDA reflect the net impact of:
o a 7.8% y-o-y increase in electricity
generation in 4Q23, mainly driven by
the resumption of operations of two
power-generating units of Hydrolea
HPPS, which were taken offline during
the November 2022 - June 2023 period;
o a 2.7% y-o-y decrease in the average
electricity selling price in 4Q23.
Subsequent to 4Q23, the business
repurchased and cancelled US$ 5.1
million of its outstanding US$ 80.0 million
green bonds. Consequently, the gross
debt balance of Renewable Energy now
stands at US$ 74.9 million.
US$ MILLION
+4.7%
3
3
KEY OPERATING HIGHLIGHTS
Electricity
generation (GWh)
Average sales price
(US$/MWh)
47.1
60.3
4Q22
VS.
■ 4Q23
Change y-o-y
FY22
VS.
FY23
50.8
+7.8%
268.3
58.7
-2.7%
54.4
Change y-o-y
254.0 -5.3%
56.8 +4.6%
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