Approach
What we do, and what it costs.
Development is the part of a renewable project where the risk is highest, and the capital is smallest. Our fee structure is built around that, and we publish it so the conversation can start further along.
Lifecycle
From land rights to commissioning
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Origination
Site identification, resource screening, land rights and lease. Nothing else can start until this is locked, and it is where most Georgian projects fail.
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Grid connection
Connection studies and the agreement with Georgian State Electrosystem. Capacity at a given substation is finite; securing it early is a large part of what a development position is worth.
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Permits and entitlements
Environmental assessment, construction permitting and municipal consents. Together with land and grid, this trio is the real barrier to entry.
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Offtake
Contract-for-difference support where it applies, or a corporate power purchase agreement. Offtake is what converts a permitted site into a bankable revenue stream.
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Ready to build
Full feasibility, design, procurement strategy and EPC tender. At RTB the project is a defined package that a lender or an acquirer can underwrite.
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Notice to proceed
Financing closes or the project is divested. Pre-development risk has been retired, so the pool of interested capital widens sharply and the cost of it falls.
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Construction and commissioning
We run construction management alongside the EPC contractor through to commercial operation.
Fees
Published, so you can price it
Two components, both tied to work that has already been done.
Development and construction management fee. Typically $6–12 per installed kW, or roughly 8–12% of total project cost, varying with technology and scale. This covers the pre-NTP position we carry and the construction management that follows it.
Profit share on divestment. Realised when a project is sold. Where a partner funds a project under a buy-and-hold strategy, the exit-based component is waived — we are not paid twice for the same position.
Project valuation comes from the spread between total installed cost and contracted revenue. We manage development to a target equity IRR of 9–14% depending on technology, offtake structure and gearing.
Enter at a priced gate
We do not ask for capital against an idea. Projects are offered at a defined stage — grid secured, permits cleared, offtake in place — with the evidence for that stage available for diligence.
Each project sits in its own Georgian company, so investment is at project level and does not carry exposure to the rest of the portfolio.
We are open to co-development from an earlier stage where a partner wants a lower entry basis and will accept the corresponding risk.
A programme, not a job
Five projects are scheduled to reach ready-to-build between November 2026 and May 2027, with construction starting through 2027. Two of them — the Terjola solar and wind plants — are adjacent and share one substation and transmission line, so the civil, electrical and grid scopes are worth pricing as a single package.
We run tenders against a defined design and a secured grid position, so bids are priced on scope rather than on unresolved development risk.
Udabno and Iliatsminda are already contracted — EPC to OHM Energy LLC (Georgia), construction management to ENGIA Green LLC — so the process is established rather than theoretical. Contractors interested in the remaining 2027 packages should make contact during 2026, while scopes are still being shaped.