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one simple challenge for customers—comparing and recommending deposit products across European banks. In particular, the platform makes it possible to compare deposit products via a simple interface. It also helps small banks gain access to people interested in purchasing a deposit product.
“During the summer, investors injected another €25mn in the company's capital. We have already raised €125mn this year and we haven't been able to process it yet, with almost all of our money sitting on our accounts,” said Giorgadze. “That is why we are not planning anything specific [move] this year in terms of attracting investors. We make certain purchases. The last one [entity[ we bought is Germany's leading digital retirement product provider called Fair. We are now integrating this company for our clients and for Fair's clients so that it is very easy to open accounts on both sides.”
Raisin.com offers its platform services in Iceland, Switzerland, Liechtenstein and Norway. In addition, it has separate platforms for Spain and France. According to Giorgadze, in the second half of 2020 the product will be exported to the US market.
“We have expanded our list of banks at a very fast pace in the UK. We have added some new banks like Oak North, Eldemore, ICICI Bank. The next big project we are working on is launching the product in the United States. We have already hired a second employee and we are going to launch our product in the second half of 2020,” added Giorgadze.
9.2.7 ​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.
"I would like to express my sincere gratitude to RP Global for their support in the development of our renewable energy platform to the point where the Group's management team can now successfully take the business forward independently. The minority acquisition gives us greater flexibility to execute our planned growth strategy to become a key player in the fast-growing Georgian electricity market,” Irakli Gilauri, Georgia Capital chairman and CEO, commented.
52​ GEORGIA Country Report​ March 2020 ​​www.intellinews.com