Georgia Capital Share News (CGEO)

(Sharecast News) - Georgia Capital's renewable energy business has commissioned the first 30MW phase of the Mestiachala hydro power plant, it announced on Monday, while also remaining on track to launch the second 20MW phase in June.The London-listed company said the 50MW cascade of Mestiachala hydro power plants was located in the Svaneti region, in the north-western part of Georgia.It said the construction of the run-of-the-river type plant, with "best-in-class" European equipment, began in May 2017.The actual cost per MW amounted to $1.2m, with around 70% of the total project cost being financed through debt facilities from local and international financial institutions.Mestiachala was expected to have total net annual generation of around 171 GWh."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," said Georgia Capital chairman and chief executive officer Irakli Gilauri."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 500MW operating capacity in the medium term."