16th Dec 2019 09:14
(Alliance News) - Georgia Capital PLC on Monday said its renewable energy business has resumed operations at the first phase of its Mestiachala hydro power plant in Georgia within the expected timeline.
Two hydro power plants at Mestiachala were taken offline in late July following flood damage resulting from a rock avalanche.
The investment company said the a 30 megawatts plant at Mestiachala has now resumed operations at the originally planned net annual generation level after an extensive restoration process.
Restoration works continue on the second phase, Georgia Capital added, and this is expected to return online by the end of 2020.
"Meanwhile, the business continues negotiations with the insurer with regard to the reimbursement of associated costs, including business interruption," the company said in its statement Monday.
Georgia Capital shares were untraded in London on Monday, last closing at 908.00 pence each.
By Evelina Grecenko; [email protected]
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