BAKU, Azerbaijan, November 18
By Tamilla Mammadova – Trend:
The renewable energy business of Georgia Capital PLC (GCAP) operates three fully-owned commissioned renewable assets: 50 MW Mestiachala HPPs32, 21 MW Hydrolea HPPs and 20MW Qartli wind farm, Trend reports via the GCAP.
In addition, a pipeline of up to 172 MW renewable energy projects is under advanced stage of development.
Following the buy-out of the 34.4 percent minority shareholder on February 25, 2020, the renewable energy business is 100 percent owned by Georgia Capital – the official statement from GCAP stated.
According to the statement, the renewable energy business remained resilient to the COVID-19 outbreak, as up to 60 percent of electricity sales during 9M2020 were covered by long-term purchase power agreement (PPAs) with a Government-backed entity, while the rest of electricity sales were sold to direct consumers. The average market sales price was up 34.5 percent year-on-year during non-PPA months (May-August) for Hydrolea and Mestiachala HPPs on the back of electricity market deregulation. PPAs with fixed purchase prices run throughout the whole year for wind power plants and for eight months (from September through April) for HPPs.
In 3Q2020 revenues were up 64.5 percent year-on-year to 16 million lari ($4.8 million).
➢ The 21 MW Qartli wind farm contributed 4.7 million lari ($1.4 million) to 3Q2020 revenues on the back of 23.2 GWh electricity generation;
➢ The 21MW Hydrolea HPPs, where 9 MW Akhmeta HPP resumed operations in mid-July 2020 after being temporarily offline due to planned rehabilitation works, added 1.7 million lari to 3Q2020 revenues;
➢ 3Q2020 revenue from the Mestiachala HPPs was 9.6 million lari ($2.9 million), deriving mainly from the 30MW Mestiachala HPP. Mestiachala HPPs have seasonally peak generation levels during July-September. The restoration process is still ongoing on the 20MW HPP.
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