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Greenko Group plc
12 January 2012
EMBARGOED UNTIL 07.00 Thursday 12 January 2012
Greenko Group PLC
("Greenko" or "the Group")
Appointment of Chief Financial Officer
Greenko, the Indian developer, owner and operator of clean energy projects, announces the appointment to its main Board of Mr Vasudeva Rao Kaipa ("Vasu") as Chief Financial Officer. Vasu will start work at Greenko in this role on February 1(st) , 2012.
Vasu (aged 49) is an associate member of the Institute of Chartered Accountants of India and obtained a BSc degree (first class with distinction) from the Sri Venkateswara University, India in 1982. Vasu is based in Hyderabad and has more than 20 years senior managerial experience and most recently was an Executive Director for XL Energy Ltd (from 2005) which has diversified interests including significant solar power operations.
At XL Energy Ltd, Vasu was responsible for the finance, accounts and risk management functions as well as managing its IPO to the Indian Stock Exchange in 2006. He also played a major part in the financial structuring and strategy of the group, including securing sufficient working capital and debt facilities.
Prior to that Vasu was an Executive Director at Goldstone Technologies Ltd from 1998 to 2004. Goldstone Technologies Ltd is a software services company listed on the NSE and BSE. Vasu also worked for Kirloskar Electric, a large engineering group, in a number of key finance roles.
Commenting on the appointment, Anil Chalamalasetty, CEO and MD of Greenko, said: "We are delighted to have Vasu joining Greenko. At this stage of our development, he complements our existing team and brings a wealth of additional experience. We look forward to working with him as we roll out our strategy of delivering 1 GW of operating assets by 2015."
The following disclosures are required regarding this appointment pursuant to Schedule 2 paragraph (g) of the AIM rules for Companies:
Directorships within the last 5 years:
XL Energy Limited (India), previously known as XL Telecom, Executive Director from February 2005 to January 2012.
There are no further disclosure requirements required to be made relating to Vasudeva Rao Kaipa.
For further information please visit www.greenkogroup.com or call:
Greenko Group plc
Anil Chalamalasetty +91 (0)98 4964 3333
Mahesh Kolli +91 (0)99 4958 6332
Tim Bowen +44 (0)7973 668818
Arden Partners plc +44 (0)20 7614 5917
Richard Day / Adrian Trimmings
Tavistock Communications +44 (0)20 7920 3150
Greenko is a mainstream participant in the growing Indian energy industry and a market leading owner and operator of clean energy projects in India. The Group is building a de-risked portfolio of wind, hydro electric, natural gas and biomass assets within India and intends to increase the installed capacity it operates by winning concessions to develop 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 geographically and spreads risks across a number of projects which utilise varied environmental technologies. The Company's goal is to reach 1 GW of operational capacity by 2015. Current operational capacity is 182.6 MW, split between 104.3 MW of hydro, 41.5 MW of biomass and 36.8 MW of gas/liquid fuel. Greenko's portfolio, which includes projects in the development pipeline, currently stands at 1.63 GW.
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