Status: Approved investment
Back to map

Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

In case of questions

In case of questions, please contact us at


The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

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
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)