Georgia Capital buys remaining 34.4% stake in Georgian Renewable Power Company

Georgia Capital PLC has agreed to buy the remaining 34.4% minority share that it does not own in its subsidiary Georgian Renewable Power Company (GRPC) from RP Global. As part of the buyout, Georgia Capital will pay a fixed cash consideration of US$13.8 million, of which US$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. An additional deferred adjustable consideration of up to US$4.5 million may be payable if actual market electricity sales prices are higher during 2023-2025 than the Group’s current internal forecasts.

GRPC owns the 50 MW Mestiachala Hydro Power Plants in the Svaneti region in Georgia. The HPPs became operational in the first half of 2019.