Page 54 - GEORptMay20

Caucasus Online’s main asset is Georgia’s main channel for access to the internet.
In addition to being for a long time the largest ISP in Georgia, Caucasus Online has owned since 2008 a 1,200-km submarine fibre-optic cable laid across the bottom of the Black Sea between Georgia and Bulgaria to provide a direct, high-quality fibre-optic internet connection from Europe to Caucasus Region and the Middle East. In September 2016, Caucasus Online sold its retail business to Magticom and it is now a major wholesale operator in the region.
Caucasus Online was formed by the unification of several major Georgian ISPs in 2006 and in 2008 it merged with Telenet, the main provider of wireless and fibre-optic internet in Georgia.
According to the audit report of Caucasus Online in 2018, the company's assets amounted to Georgian lari (GEL) 150mn ($55mn). In the same year, the company's operating earnings were GEL50mn and its operating profit was GEL6.3mn.
The Georgian company was fined for not announcing the change in its ownership structure.
In the past few months, the GNCC has been handling a case against Caucasus Online, which has been linked to the company's failure to notify the change in ownership, Business Media said. According to the legislation, the consent of the commission was required to make such a significant change in the ranks of the owners. Finally, on March 12, the GNCC decided to impose a fine of GEL270,000 ($85,000) on Caucasus Online.
Neqsol Holding has already expanded in Ukraine where it operates Vodafone Ukraine network. Neqsol Holding is an Azerbaijani energy and telecommunications holding company. It includes 100% of the assets of one of the largest mobile operators in Azerbaijan, BakCell. The company has more than 3mn subscribers in the country.
9.2.6 ​Renewable energy sector news
LSE-listed Georgian holding Georgia Capital has announced the buyout of the 34.4% minority shareholder, RP Global, in Georgian Renewable Power Company (GRPC) that is developing two hydropower projects and two wind power projects.
As part of the buyout, Georgia Capital will pay a fixed cash consideration of $13.8mn, of which $11.8mn represents total equity contributions received from RP Global, as well as an additional consideration for RP Global's technical assistance during the last six years. An additional deferred adjustable consideration of up to $4.5mn may be payable if actual market electricity sales prices are higher during 2023-2025 than the group's current internal forecasts. Following the buyout, Georgia Capital's renewable energy business will consist of its wholly-owned subsidiary GRPC, with only the 50MW Mestiachala Hydro Power Plants operational so far while the other projects on the pipeline, plus the wholly-owned Hydrolea HPPs and Qartli wind farm.
Qartli operates a 21MW installed capacity wind power plant.
Hydrolea operates three hydro power plants, which have an aggregate installed capacity of 21MW, and has a greenfield run-of-river type project targeting a capacity of 19MW.
In addition, the business has a pipeline of 350MW renewable energy projects in the medium term.
54​ GEORGIA Country Report ​May 2020 ​​www.intellinews.com