Iberdrola inaugurates 496-MW Saint-Brieuc wind farm offshore France
Sep 19, 2024 16:25 CESTUK-based holding company Georgia Capital Plc (LON:CGEO) announced last week the acquisition of Hydrolea Ltd, a Georgian operator of 21 MW of hydropower plants (HPPs) and owner of a greenfield 19-MW run-of-river project.
The enterprise value of the transaction stands at USD 38.5 million (EUR 34.5m). The Georgia-focused investor will provide up to USD 10 million in equity capital and an up to USD 13.3 million short-term bridge facility to acquire the company from its two shareholders.
Georgia Capital said all Hydrolea HPPs have power purchase agreements (PPAs) with the Georgian government for eight months out of the year for the next four to eight years. The power price ranges between USD 0.0554 (EUR 0.0496) per kWh and USD 0.0566 (EUR 0.0507) per kWh.
The company said its renewable energy business would have 71 MW of installed capacity after the acquisition, with the pipeline reaching 350 MW in the medium term. The newly acquired HPPs will add USD 4.1 million to USD 4.4 million to the renewables unit’s earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2020.
Georgia Capital will inherit the 19-MW run-of-river project, presently in the development stage and awaiting construction permit. The total investment in this project is estimated at USD 27 million, including USD 8 million in capital allocation on the part of the new owner. Construction is expected to begin in 2020, with the commissioning due by the end of 2022.
Once in operation, the run-of-river HPP is estimated to generate some 88.8 GWh annually and pull in EBITDA of around USD 3.8 million at commencement, Georgia Capital said.
(USD 1.0 = EUR 0.896)
Iberdrola inaugurates 496-MW Saint-Brieuc wind farm offshore France
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