Greenko boosts operating portfolio

Greenko, the Aim-quoted Indian clean energy specialist, said its operating portfolio will increase to 260 MW in early July from 214.6 MW currently when its first wind farm Ratnagir starts exporting power.

The firm, which has been actively expanding its wind farm projects, said it was confident that the progress of its projects under construction will underpin significant growth in the next three years.

Greenko said it has a focussed development strategy with approximately 500 MW of projects currently in construction.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

In its update, a few weeks ahead of the monsoon period, CEO and MD Anil Chalamalasetty said: "Our new wind farm is an important milestone, as wind power will accelerate our growth and create a diversified generating portfolio that delivers strong returns to shareholders."

"It also gives India its first large scale wind project built using an independent developer model. With the difficulties facing India's conventional power sector, hydropower - along with utility-scale wind power - is now the most attractive asset class in the country."

Greenko said turbines at its Ratnagiri Wind Farm are going through pre-commissioning trials, with first power production anticipated in early July. The remaining turbines are expected to be commissioned and to start generating during the current Monsoon season, it said.

Site work at its Basvanbagewadi Wind Farm is underway while site access work has started at its Balavenkatpuram Wind Farm.

Elsewhere key components of its Dikchu Hydropower project are progressing well, with the underground power house being prepared for turbine installation. Five small hydropower projects are also in construction, Greenko explained.

Greenko said its hydropower projects are running in line with management's expectations for this time of year.

CJ