Georgia Capital acquires entire equity stake of Georgian operator Hydrolea
Georgia Capital PLC has announced the acquisition of a 100% equity stake in Hydrolea LTD through its wholly-owned subsidiary.
Hydrolea operates three Hydro Power Plants (HPP) with an aggregate 21 MW installed capacity, and has a greenfield HPP project with a 19 MW targeted installed capacity. All Hydrolea HPPs have high capacity factors - averaging 54% - making the investment per annual GWh generation an attractive alternative to a construction option.
The three HPPs are expected to add approximately US$4.1 million to US$ 4.4 million EBITDA in aggregate to the Renewable Energy Business’s income statement in 2020 on the back of c. 105 GWh net annual generation.
The HPPs benefit from guaranteed prices via their Purchase Power Agreements with the Government of Georgia for the next 4-8 years. The PPAs cover 8 months out of 12, while the PPA prices range from 5.54 US$/kWh to 5.66 US$/kWh.
