Investor Presentaiton
Private early
stage portfolio
Renewable energy business overview (cont'd)
Key highlights | 31 December 2019
Financial metrics (GEL millions)
GEORGIA
CAPITAL
GEL millions, unless otherwise noted
31-Dec-19
At acquisition price (GCAP share)
107
65%-100%
GCAP ownership
Following the buyout of the 34.4% minority shareholder in GRPC on 25 February 2020, Renewable Energy consists of
wholly-owned hydro and wind power plants with 91MW installed capacity in aggregate.
Renewable energy platform
31-Dec-18
2015
2016
2017
2018
2019
Change
Change
Development Capex
NMF
NMF
77
68
33
-51.8%
61
74.6%
EBITDA
NMF
NMF
(1.7)
(0.8)
13
NMF
65%
NMF
A
year
о
Hydro: 210 MW
Wind: 228 MW
о
Of which operational 71MW
Of which operational 21MW
о
Renewable energy projects overview | 31 December 2019
о
Greenfield projects
MWs
Cost per
MW
Target
commissioning²
Gross
generation
о
PPA
Current stage
of significant growth - increasing installed capacity to 91MW and
progressing on the 350MW pipeline
The first HPP, Mestiachala HPPs launched in 1H19 on time and within budget before suffering flood
damage
Acquisition of Hydrolea HPPs with an aggregate 21MW installed capacity, adding GEL 1.0 million
EBITDA in 2019 since acquisition
Acquisition of 21MW Qartli wind farm, the only operational wind farm in Georgia
Construction works commenced on 46MW Zoti HPPs in 4Q19, expected to be operational in 2H21
The Government approved the concept of 108MW wind power plant ("WPP") projects, expected to be
commissioned in 2H22
(GWh)1
Mestiachala HPPS
50
1.2
1H19
174
Yes
Operational4
Mestiachala FY19 performance4
Zoti HPPS
46
1.3
2H21
173
Yes
Under Construction
Bakhvi 2 HPP
36
1.3
1H22
130
Yes
Feasibility
Racha HPPS
38
1.5
1H23
168
No
Feasibility
GEL thousands, unless otherwise noted
Wind Tbilisi
Wind Kaspi
54
1.2
2H22
172
Yes
Development
Revenue
54
1.4
2H22
211
Yes
Development
Wind (other)
99
1.4
TBD
340
Yes
Feasibility
Darchi HPP
19
1.4
2H22
89
Yes
Feasibility
Of which, business interruption insurance reimbursement
EBITDA
Recent acquisitions 5
Generation (Gwh)4
14,777
10,047
12,588
54.1
Hydrolea HPPS
21
1.8
2H19
105
Yes
Operational
Qartli Wind Farm
21
1.4
2H19
85
Yes
Operational
о
Total
438
1,647
(1)
(2)
(3)
(4)
➤ Targeting to earn on average c.12% US$ dollar ROICS³ from renewable energy projects.
Generation capacity refers to target gross annual generation.
Target commissioning dates are indicative and subject to regulatory procedures.
Target return on invested capital is calculated based on average stabilized EBITDA divided by total invested capital.
The first phase (30MW) was launched on 8 April 2019, followed by the second phase (20MW) on 4 June 2019. Mestiachala
HPPs were flooded and taken offline in late July 2019.
(5) Recently acquired projects are wholly owned by Georgia Capital PLC.
O
о
Operations successfully resumed at the first phase (30MW) within the expected timeline and at
the originally planned generation level in December 2019.
Restoration works continue on the second phase (20MW HPP), expected to return online in 1H21.
The insurance company has confirmed the amount of Bl reimbursement for the year 2019 for both
HPPs and is in process of remitting the funds to the business.
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