15th Nov 2019 11:41
(Alliance News) - Investment firm Georgia Capital PLC said it will acquire Qartli Wind Firm in Georgia for USD14.4 million.
Qartli is the only operational wind farm in Georgia. It operates a 21 megawatts installed capacity wind power plant, with a 47% average capacity factor.
The wind farm is currently jointly owned by state companies Georgian Energy Development Fund JSE and Georgian Oil & Gas Corp JSC.
The wind power plant is expected to add around USD4.0 million in earnings before interest, taxes, depreciation and amortisation to Georgia Capital's Renewable Energy business in 2020.
Following the acquisition, the Renewable Energy business will have 91 megawatts in installed capacity and a pipeline of 350 megawatts in capacity in the medium term.
"I am pleased to announce that our Renewable Energy business has secured its first operational wind power plant in Georgia. The acquisition of this high-quality asset, with existing strong dollar-linked cash flows complements our existing renewable energy portfolio as we progress towards our medium-term goal," said Chair and CEO Irakli Gilauri.
Shares in Georgia Capital - which is headquartered in Tbilisi - were untraded on Friday, last quoted at 982.00 pence in London.
By Dayo Laniyan; [email protected]
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