GE Investment Update (1354A)
March 27 2012 - 2:02AM
UK Regulatory
TIDMGKO
RNS Number : 1354A
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
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. 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
END
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