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Greenko Group plc
27 March 2012
EMBARGOED UNTIL 07.00 Tuesday 27th March 2012
Greenko Group PLC
("Greenko", "the Company" or "the Group")
GE Investment Update
Further to its announcement on 10 October 2011, Greenko, the Indian developer, owner and operator of clean energy projects, announces that the investment in the Group's wind business by GE Energy Financial Services ("GE"), a business unit of GE (NYSE: GE), has been drawn down through Wind Power Projects (Mauritius).
Rather than subscribing for equity shares in Greenko Wind Project Private Limited ("GWPP"), a subsidiary of the Group, GE has acquired Wind Power Projects (Mauritius), a wholly owned subsidiary of the Group, for US$25 million. That subsidiary's sole asset is the GWPP equity shares as the first part of the investment. The other terms set out in the earlier announcement remain unaltered. The remainder of the investment, a further US$25 million, is expected to be drawn down in the second half of 2012.
Commenting on the deal with GE, Anil Chalamalasetty, CEO and MD of Greenko, said: "GE's interest in Greenko's wind platform is designed to leverage Group shareholders' equity and maximise our ability to deliver superior returns. This investment from a leader in the global energy marketplace, further validates our differentiated wind strategy and adds to our financial strength as we develop and grow this large and valuable part of our portfolio."
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
Vasudeva Rao +91 (0)99 5961 7442
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
Matt Ridsdale / Mike Bartlett
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