BAKU, Azerbaijan, October 14. The European Bank for Reconstruction and Development (EBRD) invested $13.8 million in the first green bond listed and traded on the Georgian stock exchange - Georgian Renewable Power Operations (GRPO), Trend reports citing the EBRD.
"The proceeds will be used to refinance the shareholder loan provided by JSC Georgia Capital (GCAP) for redeeming renewable energy business’ portion of JSC Georgia Global Utilities' $250,000,000, 7.75 percent Eurobond issued in July 2020. The transaction will also diversify the GRPO’s funding sources," the EBRD said.
GRPO, a subsidiary of GCAP, which is listed on the London Stock Exchange (LSE), is one of Georgia's leading renewable energy platforms, which operates 4 hydropower plants and Georgia's only wind power plant.
The GRPO intends to use the investment to promote gender equality in the male-dominated energy sector and to launch an outreach campaign to raise awareness of the importance of women's participation in this sector.
To date, the EBRD has invested almost 5 billion euros in Georgia, by implementing 270 projects, with more than 80 percent of those in the private sector.