Georgia Capital PLC announces buyout of shareholder in Georgian renewable power company

Georgia Capital PLC announces buyout of shareholder in Georgian renewable power company

BAKU, Azerbaijan, Feb. 26

By Tamilla Mammadova – Trend:

Georgia Capital PLC has announced the buyout of the 34.4 percent minority shareholder, RP Global, in Georgian Renewable Power Company (GRPC), Trend reports citing Georgia Capital PLC.

As part of the buyout, Georgia Capital will pay a fixed cash consideration of $13.8 million, of which $11.8 million represents total equity contributions received from RP Global, as well as an additional consideration for RP Global’s technical assistance during the last six years.

As reported, an additional deferred adjustable consideration of up to $4.5 million may be payable if actual market electricity sales prices are higher during 2023-2025 than the Georgia Capital’s current internal forecasts.

Following the buyout, Georgia Capital’s renewable energy business will consist of its wholly-owned subsidiary GRPC with the 50MW Mestiachala Hydro Power Plants (HPPs) and the wholly-owned Hydrolea HPPs and Kartli wind farm (with 41 MW installed capacity in aggregate).

In addition, the business has a pipeline of 350 MW renewable energy projects in the medium term.

“I would like to express my sincere gratitude to RP Global for their support in the development of our renewable energy platform to the point where the Georgia Capital’s management team can now successfully take the business forward independently. The minority acquisition gives us greater flexibility to execute our planned growth strategy to become a key player in the fast-growing Georgian electricity market,” said Irakli Gilauri, Georgia Capital Chairman and CEO.

Georgia Capital is a platform for buying, building and developing businesses in Georgia with holdings in the sectors that are expected to benefit from the continued growth and further diversification of the Georgian economy.

The company seeks to capture growth in the sectors in which it currently operates and drive the development of new high-growth businesses in Georgia, which it intends to add either by acquiring businesses in their early development stage or by establishing greenfield businesses, often consolidating fragmented or underdeveloped markets.

Georgia Capital currently has six private company holdings: a water utility business (GGU), a renewable energy business (GGU); a housing development business; a hospitality and commercial real estate business; a property and casualty insurance business (Aldagi) and a beverages business (Georgia Beverages).

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