Georgia Capital PLC (the "Group" or "Georgia Capital") announces the acquisition of a 100% equity stake in Hydrolea LTD (“Hydrolea” or the “Company”) through its wholly-owned subsidiary.
- Hydrolea operates three Hydro Power Plants (“HPP”) with an aggregate 21MW installed capacity, and has a greenfield HPP project with a 19MW targeted installed capacity.
- All Hydrolea HPPs have high capacity factors - averaging 54% - making the investment per annual GWh generation an attractive alternative to a construction option.
- All three operational HPPs are expected to add approximately US$ 4.1 million to US$ 4.4 million EBITDA in aggregate to the Renewable Energy Business’s income statement in 2020 on the back of c. 105 GWh net annual generation.
- 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 71MW installed capacity and a pipeline of 350MW in the medium term.