Energy Development Georgia' Raises $10 Million Through Bond Issuance with TBC Capital

"Energy Development Georgia," the management company of Cascade Power Plants, has issued unsecured and unsubordinated bonds worth $10 million, with TBC Capital playing a vital role in the process. The successful issuance of these two-year bonds marks the company's debut on the Georgian Stock Exchange.

The bonds carry an annual interest rate of 8.50%, reflecting the first collaborative placement between "Energy Development Georgia" and TBC Capital.

The funds raised through this issuance will be directed towards partially refinancing a bank loan, thereby diversifying the company's financial structure.

Located in the Chokhatauri Municipality of Guria, the "Energy Development Georgia" hydroelectric power plant (HPP) cascade comprises three individual plants with a combined installed capacity of 15.25 MW. These facilities were launched with support from TBC. The most recent addition to the cascade, Medium 0, boasts an installed capacity of 2.25 MW and was commissioned in January 2023. The other two plants, Medium 1 and Medium 2, were initiated between 2019 and 2020.

Mary Chachanidze, Managing Director of TBC Capital, expressed her congratulations to "Energy Development Georgia" on the successful transaction. "It's significant that we assisted the company in diversifying and developing its financial resources with this placement," she stated. "It not only facilitates efficient use of renewable resources in the country but also strengthens our energy security, reducing our reliance on imported energy sources."