UK-based holding company Georgia Capital has agreed to the buyout of the 34.4% minority shareholder RP Global in its subsidiary Georgian Renewable Power Company (GRPC).

As part of the deal, Georgia Capital will pay a fixed cash consideration of $13.8m, of which $11.8m represents the total contribution received from RP Global.

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The company will also pay an additional deferred adjustable consideration of up to $4.5m in the future, depending on whether market power prices increase during the 2023-2025 period.

Georgia Capital chairman and CEO Irakli Gilauri said: “I would like to express my sincere gratitude to RP Global for their support in the development of our renewable energy platform to the point where the group’s management team can now successfully take the business forward independently.

“The minority acquisition gives us greater flexibility to execute our planned growth strategy to become a key player in the fast-growing Georgian electricity market.”

After completion of the minority stake buyout, the renewable energy business of Georgia Capital will comprise its wholly owned subsidiary GRPC.

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GRPC owns the 50MW Mestiachala Hydro Power Plants (HPPs) and the wholly-owned Hydrolea HPPs and Qartli wind farm with 41MW installed capacity.

In May last year, the 30MW first phase of Mestiachala HPPs was commissioned, while the second phase (20MW) was launched in June.

Other advanced projects in GRPC’s pipeline are Zoti HPPs, the cascade of two hydropower plants in western Georgia, with a total of 46MW installed capacity, and about 110MW wind power plant projects in Tbilisi and Kaspi.

GRPC has been established to develop hydropower plants, wind power plants and solar power plants across Georgia.