Update on Mestiachala Hydro Power Plant

Georgia Capital PLC (the Group or Georgia Capital) announces that the Group’s renewable energy business has commissioned the remaining second phase (20MW HPP) of 50MW Mestiachala Hydro Power Plant on time and within budget. The 50MW cascade of Mestiachala HPPs, which is now fully operational, has a 15-year fixed price purchase power agreement with the Georgian Government, guaranteeing recurring revenue streams for eight months (from September through April) each year at 5.5 cents per kilowatt-hour. The HPP is expected to have total net annual generation of c. 171 GWh. As announced, Georgia Capital will be hosting an official grand opening ceremony of the Mestiachala HPP in Svaneti on 28 June 2019, the day after the Georgia Capital 2019 investor day in Tbilisi.