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LONDON (Alliance News) - Georgia Capital PLC on Monday said its renewable energy business has commissioned the first phase of the Mestiachala hydro power plant and is on track for a second phase in June.
The first phase will result in a 30 megawatt plant, while the second phase will be a 20 megawatt plant, producing a 50 megawatt cascade of Mestiachala hydro power plants located in the Svaneti region in the north-west of Georgia.
The actual cost per megawatt is USD1.2 million, with 70% of costs funded through "debt facilities from local and international financial institutions".
Georgia Capital expects the Mestiachala hydro power plant will have a total net annual generation of around 171 gigawatt hours.
Georgia Capital Chair & Chief Executive Irakli Gilauri said: "I am very pleased to announce that our renewable energy business has successfully commissioned Mestiachala hydro power plant on time and within budget and starting from today the business will generate recurring revenue streams. I would like to thank and congratulate the management team on this significant milestone for the business, which is on track to achieve its targeted 500 [megawatt] operating capacity in the medium term."
Shares in Georgia Capital were flat at 1,090.00 pence on Monday.