The company will receive a generous contribution from the European Union to co-finance issuance related fees.

The support mechanism is being implemented by the European Bank for Reconstruction and Development (EBRD) and undertaken by the programme contractors – Galt & Taggart together with BDO Georgia.

The transaction fully complies with the broader strategic goals of the programme, which includes promotion of the local capital market development in Georgia, as well as support of Environmental, Social and Governance related issuances and values.

The offering was closed on 12 October 2022. The Notes are US$-denominated with 5-year bullet maturity (callable after two years) and carry a 7.00% coupon. The bonds were issued and sold at par value.

Nuka Mshvidobadze, the chief financial officer of the company commented: "I am extremely delighted to announce that GRPO will be the recipient of the Capital Market Support programme. I believe the programme will catalyze green and sustainable bond issuances in the country and incentivize renewable energy developers to align with high ESG standards. We are extremely proud to be pioneers in this regard and to contribute towards the development of the Georgian renewable energy sector. I would like to express my gratitude to the programme’s donors and supporters –the European Union, EBRD, Galt & Taggart and BDO.”

About CMS Programme:

The Capital Market Support Programme is funded by the European Union and is implemented by the EBRD’s Capital & Financial Markets Development team. The programme is led by EBRD’s lead contractor, Galt & Taggart, together with BDO Georgia. The overall strategic objective of the project is the facilitation of capital market development in Georgia, through implementation of educational activities as well as the support mechanism.

For further information, please visit: www.cms.org.ge

About JSC GRPO:

Georgia Renewable Energy Operations JSC  (“GRPO”) is the holding company of the Georgia Capital PLC (“the “Group” or “GCAP”) for operational renewable energy assets (previously owned by Georgia Global Utilities). The company manages four hydroelectric power plants and the sole wind power plant in Georgia, with a total installed capacity of 71 MW of renewable energy assets.

For further information, please visit: www.grpc.ge