Launch of Mestiachala Hydro Power Plant

Georgia Capital PLC (the Group or Georgia Capital) announces that the Group’s renewable energy business has today commissioned the first phase (30MW) of Mestiachala hydro power plant, while also remaining on track to launch the second phase (20MW HPP) in June 2019. The 50MW cascade of Mestiachala HPPs is located in Svaneti region, in the north-western part of Georgia. The construction of the run-of-the-river type plant, with best in class European equipment, commenced in May 2017. The actual cost per MW amounts to USD 1.2 million, where approximately 70% of the total project cost was financed through debt facilities from local and international financial institutions. Mestiachala HPP is expected to have total net annual generation of c. 171 GWh.