Georgia Capital PLC (the "Group" or "Georgia Capital") announces that the Group’s renewable energy business has successfully resumed operations at the first phase (30MW) of its Mestiachala Hydro Power Plant (“HPP”) within the expected timeline following flood damage earlier this year. In late July 2019, the 50MW cascade of Mestiachala HPPs was affected by flooding resulting from a rock avalanche and two HPPs were taken offline. Following an extensive restoration process, the 30MW HPP now continues operations at the originally planned net annual generation level.
Restoration works continue on the second phase (20MW HPP), and this is expected to return online by the end of 2020. Meanwhile, the business continues negotiations with the insurer with regard to the reimbursement of associated costs, including business interruption.