Leverage and Valuation Overview
Private investment
stage portfolio
companies
EXTERNALLY VALUED
RENEWABLE ENERGY BUSINESS OVERVIEW (CONT'D)
PERFORMANCE HIGHLIGHTS
RENEWABLE ENERGY PROJECTS OVERVIEW | 31 DECEMBER 2023
Generation, 8.7 10.5 22.3 13.9 19.8 22.8 50.8 47.1 99.7 104.4 68.3 76.6 86.0 87.3 254.0 268.3
GWh
2,978
2,843
14,583
14,449
GEORGIA
CAPITAL
Commissioned
projects
Installed capacity
(MWs)
Gross
capacity factor
(P50)
PPA
expiration
PPA tariff,
US$/KWh
Generation in
deficit months
Mestiachala HPP
30.0
40%
1H34
5.5
72%
Hydrolea HPPS
20.4
70%
2H28
5.6
79%
5,592 5,676
Qartli Wind Farm
20.7
47%
2H29
3,824
55
6.5
85%
3,366
Total operating
71.1
1,214
1,284
1,483
5,491
Ladd
785
575
480
5,083
Mestiachala Hydrolea Qartli WPP
4Q23
4Q22
FINANCIAL HIGHLIGHTS
Total
Mestiachala Hydrolea
Qartli WPP
Total
FY23
FY22
Note 1: Mestiachala HPP was commissioned in 1H19; Qartli Wind Farm and Hydrolea HPPs were acquired in 2H19 by GCAP.
Note 2: PPA terms for Tbilisi and Kaspi WPPs are under the discussion with the Government of Georgia.
Note 3: Only one out of three Hydrolea HPPs has an active PPA contract.
4Q23
FY23
EBITDA (US$ million)
2.0
10.4
Cash flow from operations (US$ million)
4Q23
3.0
FY23
9.9
-8.1%
-12.9%
Change (y-o-y)
6.6%
-7.1%
Change (y-o-y)
EBITDA margin, %
68.2%
71.8%
Average sales price in (US$/MWh)
58.7
56.8
Change (y-o-y)
1.2 ppts
-4.8 ppts
Change (y-o-y)
-2.7%
+4.6%
2.0
Dividend payment (US$ million)
Change (y-o-y)
NMF
-28.6%
60
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