JSC GEORGIAN RENEWABLE POWER OPERATIONSStatus: Approved investment
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Who is our customer
Georgia Renewable Power Operations JSC (“GRPO”) manages the renewable energy business of London-listed investment company Georgia Capital PLC (“Georgia Capital”). GRPO through its subsidiaries owns and operates 50MW of hydropower plants (“HPPs”) and the only operational (21MW) wind power plant (“WPP”) in the country.
What is our funding objective?
GRPO issued a Green local bond in Georgia, further strengthening the country’s capital market. The funds raised from the Bonds’ issuance will be used in full to refinance existing liabilities of GRPO’s renewable energy projects.
Why do we fund this investment?
FMO participated in this Green Bond issuance as a key anchor investor. With this bond issue, FMO supports long-standing FMO client Georgia Capital in accessing international capital markets, therefore (indirectly) catalysing commercial investors.
What is the Environmental and Social categorization rationale?
The Notes are qualified as 100% Green. The environmental and social status of the relevant GRPO activities was reviewed with the help of a qualified advisor, using the FMO Sustainability Criteria. The activities were found to include a B+ environmental and social risk category. The relevant IFC Performance Standards are 1,2,3,4,5,6 and 8. IFC PS 7 was found to be not applicable, as no impacts on Indigenous People or specific other vulnerable groups as referred to under PS7 were identified.
- Europe & Central Asia
- Infrastructure, Manufacturing and Services
- Effective date
- Total FMO financing
- USD 30.00 MLN
- FMO NV
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)