Georgia Capital PLC (the "Group" or "Georgia Capital") announces the buyout of the 34.4% minority shareholder, RP Global, in Georgian Renewable Power Company ("GRPC"). 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.
Following the buyout, Georgia Capital's renewable energy business will consist of its wholly-owned subsidiary GRPC (with the 50MW Mestiachala Hydro Power Plants ("HPP"s)) and the wholly-owned Hydrolea HPPs and Qartli wind farm (with 41MW installed capacity in aggregate). In addition, the business has a pipeline of 350MW 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 Group'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 marketm" Irakli Gilauri, Georgia Capital Chairman and CEO commented.
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