Georgia Capital PLC (the Group or Georgia Capital), announces that the Group’s water utility business, owned through Georgia Global Utilities (“GGU” or the “Company”), has today commissioned its’ 2.5 MW Bodorna hydro power plant (“HPP”). The HPP has been constructed with best in class European equipment and is located approximately 55 kilometers from Tbilisi. The construction started in November 2017 and total project costs have totalled GEL 10 million, financed through a long-term loan facility obtained from the Dutch (FMO) and German (DEG) development banks. A dam-fed plant developed on GGU’s existing infrastructure, Bodorna HPP has a 10-year fixed price Purchase Power Agreement with the Georgian Government in place, guaranteeing its electricity selling price for 8 months each year in the amount of 6 cents per kilowatt-hour. The HPP is expected to have total generation of 15 GWh per annum.
