TIDMGKO
RNS Number : 1725D
Greenko Group plc
27 January 2015
27 January 2015
Greenko Group PLC
("Greenko" or "the Group")
Operational Update
Greenko, the Indian developer, owner and operator of clean
energy projects, today provides an operational update covering the
final nine months of its revised financial year to 31 December 2014
("the period"):
-- Operational performance is in-line with market expectations
-- Power generation in the period increased by 46% to 1,565 GWh,
compared to the previous twelve months' generation of 1,072 GWh
-- Installed capacity increased by 154 MW to 715 MW in the
period, with all of the gain coming from new wind capacity
commissioned
-- The acquisition of the 70 MW Budhil hydro project in Himachal
Pradesh was completed in June 2014
-- Greenko announced on 4 December 2014 that it was changing its
financial year end from 31 March to 31 December, effective in
2014
-- The audited results for the 9 month period ending 31 December
2014 will be announced during March 2015
Operational projects
Overall, Greenko's operational performance was in line with
expectations during the period. Although the 2014 monsoon started
late, it continued for longer than usual in certain locations until
mid-November. This helped the Group's wind assets, its northern
hydro cluster and the Budhil Hydro 70 MW asset all to perform
well.
Power generation increased by 83% to 1,565 GWh compared to the
same nine month period last year, and by 46% when compared to the
previous twelve months. The Group's wind portfolio contributed 660
GWh of this, with 640 GWh coming from the hydro portfolio.
Projects under construction
Greenko remains on track for its operational portfolio to exceed
1,000 MW this year, with all projects currently under construction
being fully financed within budget.
Wind Projects
In line with Greenko's strategy to focus on larger, utility
scale, wind farms, three wind projects (Ratnagiri, Rayala and
Basavanabagewadi) which will have a total combined capacity of 540
MW when fully commissioned, made significant progress during the
period. Following the opening of the first phases of these
projects, the Group has now successfully opened additional
capacities on a modular basis within shorter time periods than the
initial phases. As a result, a total of 402 MW at these projects
has now been commissioned, with 154 MW completed during the
period.
There is now a total of 338 MW of wind projects under advanced
construction, including three new wind farms, at Tanot (120 MW),
Vyshali (100 MW) and Animala (60 MW). Firm orders have been placed
with suppliers to complete these projects for the 2015 wind
generation season.
Hydro Projects
Greenko currently has six hydro projects under construction,
with a total capacity of 188.6 MW. The largest of these is the 96
MW Dikshu project in Sikkim, which is over 80% complete and on
track to commence commercial operations during the 2015 hydro
generation season. A further five hydro projects are at various
stages of construction, with commissioning schedules falling
between late 2015 and early 2016.
Outlook
The backdrop for renewable energy in India remains positive, as
conventional power assets struggle to supply power to the grid due
to fuel supply and off-take price issues. Greenko's wind and hydro
portfolios are able to profitably supply power to compete with
conventional generation in many states of the country.
Anil Chalamalasetty, CEO and MD of Greenko, said: "Our portfolio
approach continues to deliver strong results. In the nine months to
31 December 2014, we have added 154 MW of new wind capacity and
achieved a 46% increase in total power generation. Our ongoing
initiatives to reduce our cost of debt, through our US$550 million
Bond issue in August and the US$125 million long term loan from EIG
in October, should further enhance our profitability.
With the Indian energy market becoming increasingly favourable
towards renewable hydro and wind power, we remain very optimistic
about the sustainability of our operational and financial
performance, and we look forward to providing a more detailed
update in March."
-Ends-
For further information please visit www.greenkogroup.comor
call:
Greenko Group plc +44 (0) 20 7920 3150
Anil Chalamalasetty/Mahesh Kolli/ Vasudeva
Rao Kaipa
Arden Partners plc +44 (0)20 7614 5917
Richard Day
Investec Bank plc +44 (0)20 7597 4000
Jeremy Ellis / Gary Clarence
Tavistock Communications +44 (0)20 7920 3150
Matt Ridsdale / Mike Bartlett/ Niall
Walsh
About Greenko
Greenko is a mainstream participant in the growing Indian energy
industry and a market leading owner and operator of clean energy
projects in India utilising a de-risked portfolio of wind,
run-of-river hydropower, natural gas and biomass assets. The Group
is now focused on building new utility scale wind farms and
hydropower projects across India. Greenko intends to increase the
installed capacity it operates by winning concessions to develop
and build new greenfield assets, as well as making selective
acquisitions which enhance shareholder value. Greenko's portfolio
is carefully planned and managed to ensure it offers investors
diversification and spreads its risk across a number of projects
that utilise various well-proven environmental technologies.
The Company's goal is to reach 1,000 MW of operational capacity
in 2015 and approximately 2,000 MW in 2018. With a core belief in
sustainability both operationally and environmentally, Greenko
endeavours to be a responsible business playing an important role
in the community beyond its role in the power generation industry.
The Company maintains a continuous involvement in localised
projects and community programmes which centre on education, health
and wellbeing, environmental stewardship and improving rural
infrastructure. Greenko Group plc was admitted to trading on the
AIM market of the London Stock Exchange (LSE: GKO) in November
2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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