BAKU, Azerbaijan, October 30
By Tamilla Mammadova – Trend:
Georgia Capital PLC announces the acquisition of a 100 percent equity stake in Hydrolea LTD through its wholly-owned subsidiary, Trend reports via the Georgia Capital PLC.
Hydrolea LTD operates three Hydro Power Plants (HPP) with an aggregate 21 MW installed capacity, and has a greenfield HPP project with a 19 MW targeted installed capacity.
All Hydrolea HPPs have high capacity factors - averaging 54 percent - making the investment per annual GWh generation an attractive alternative to a construction option.
All three operational HPPs are expected to add approximately $4.1 million to $ 4.4 million in aggregate to the Renewable Energy Business’s income statement in 2020 on the back of 105 GWh net annual generations.
All Hydrolea HPPs benefit from guaranteed prices via their Purchase Power Agreements (PPA) with the Government of Georgia for the next 4-8 years.
The PPAs cover 8 months out of 12, while the PPA prices range from 5.54 USc/kWh to 5.66 USc/kWh.
Following the acquisition, the Renewable Energy Business will have 71 MW installed capacity and a pipeline of 350 MW in the medium term.
Georgia Capital is a platform for buying, building and developing businesses in Georgia with holdings in sectors that are expected to benefit from the continued growth and further diversification of the Georgian economy.
The Group seeks to capture growth in the sectors in which it currently operates and drive the development of new high-growth businesses in Georgia, which it intends to add either by acquiring businesses in their early development stage or by establishing greenfield businesses, often consolidating fragmented or underdeveloped markets.
The Group currently has six private company holdings: a water utility business (GGU), a renewable energy business (GGU); a housing development business; a hospitality and commercial real estate business; a property and casualty insurance business (Aldagi) and a beverages business (Georgia Beverages).
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