Greenko was looking off-colour as the Indian clean energy firm reminded investors of the weak market for Certified Emission Reduction Units (CERs) in its pre-close trading update.
The group reiterated previous advice that results for the year to March 31st will be hit by adverse currency movements and a smaller contribution from its biomass division, as well as the subdued market for CERs.
Electricity output for the year will be in the region of 770 gigawatt hours (GWh), and revenue is expected to be about €39m (about £32.6m). Current market forecasts are for full year revenue of £38.3m.
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Earnings before interest, tax, depreciation and amortisation is expected to clock in at €20m, excluding development gains.
Greenko's hydro-electricity assets are continuing to perform well, the group said. The average plant load factor (PLF) achieved at the group's northern hydro assets was 65%, with 37% achieved elsewhere. The group maintains these are both good levels bearing in mind the very different hydrology profiles.
The group announced the acquisition of an additional 56 megawatts of output capacity with the €42.7m purchase of two plants, one of which is still under development.
As for the group's wind power assets, Greenko said it has over 260 megawatts (mw) of capacity under construction across three projects, with the first set to come on stream before the 2012 monsoon season.
Greenko's operating 36.8MW gas project performed in line with expectations while the 58.4MW gas project under development is now targeted for commissioning at the end of 2013 as a result of the well-publicised issues in obtaining gas supplies from the Reliance Krishna Godivari KG D6 field.
"This year has seen good, profitable progress at Greenko and, against the backdrop of a difficult market, we are financed to meet our 1,000mw operating target by 2015," claimed Anil Chalamalasetty, Chief Executive Officer and Managing Director of Greenko.
"We see the new financial year to be predominantly about execution although we will continue to evaluate additional opportunities to enhance shareholder value if they meet our financial criteria," Chalamalasetty said.
Shares in Greenko tanked after the trading update and acquisition announcement, falling to 117p from 132.875p overnight, before recovering a little.
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