Greenko on track for 30 per cent full-year growth

Greenko, an Indian developer, owner and operator of clean energy projects, has had a 'successful first half' and said it remains on track to meet its expectations of 30 per cent full-year revenue growth.

The firm is also on target to deliver a 1,000 mega whatt operating portfolio in 2015.

The period was boosted by operations in India, where the government has initiated procedures to strengthen and extend the transmission grid following July's massive blackouts, which it said simultaneously exposed the scale of the country's power deficit and deprived one tenth of the world's population of electricity.

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Greenko's Hyrdropower project is running well, as are the recently acquired 32 MW of run-of-river projects in Himachal Pradesh. Biomass is operating in-line with expectations and, although it remains below the long-term target plant load factor (PLF), four of the six plants benefited from modest increases in their power tariffs. LVS, the company's gas plant, is operating in-line with expectations.

Over the period merchant power prices were "unexpectedly robust", and the company sold Renewable Energy Certificates (RECs) at approximately €25/MWh, as well as about half of the 346,300 carbon credits (CERs) on-hand at the year end. The remaining CER inventory should be sold this year. India's well publicised grid failure in July had no material impact on the company's operating projects, as most of the problems occurred at the eastern end of the Northern Grid, away from Greenko's generating assets, it said.

Greenko has over 900 MW of projects in its pipeline that are fully permitted and under active development. The company expects to start construction on around 400 MW of these projects during the next financial year.

Chief Executive Director Anil Chalamalasetty said: "We had a good first half and are now looking forward to seeing turbines up and running at our first three 100 MW wind farms. Progress in hydro has been particularly good and we continue to see exciting opportunities to increase shareholder returns.

"The Devgarh wind project is also a fine addition to our portfolio of projects in active development. Having evaluated ReGen's turbines over the last two years, Devgarh provides an appropriate opportunity for us to diversify our technology suppliers and launch our fourth major wind cluster in India."

The firm added that Greenko remains on track to more than double its current operational generating capacity by the end of 2013, as the first phase of construction is substantially completed at each of its four main wind clusters, which should take the total operating wind capacity to over 250 MW by the end of 2013.

The associated equipment orders have been placed for all these projects, which also have the necessary equity and debt funding in place. The company therefore remains comfortably on track for its 2015 operating target of 1,000 MW.

NR