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, hydropower, natural gas and biomass assets within India and intends to increase the installed capacity it operates by developing new greenfield assets. Greenko´s portfolio is carefully diversified geographically and risk is spread across a number of projects which utilise varied environmental technologies. The company´s medium term goal is to reach 1 GW of operational capacity in 2015. The company added operational capacity of 224 MW in 2014.
Key successful factors:
Around 619 MW of operating assets already producing significant revenues and EBITDA, have been set up in a ´Restricted Group´ to secure new, lower cost, borrowings of $550 million. Meanwhile, 388.5 MW of assets are currently under construction and expected to be completed this year. These two groups of assets will enable the company to reach a total 1,104 MW of operating renewable assets in 2015. Further, 191 MW of hydro assets are also under construction, which the company expects to complete by early 2016.
At present, the company has a substantial portfolio of potential future renewable power projects with active consideration and development in hydro and wind power, and are in the early stages of considering solar power projects, as the economics of solar become more compelling in India. This group comprises over 1,300 MW of assets in active early stage development plus a further, similar scale portfolio, which has been identified for future consideration. These five sectors of activity are at different stages of contribution to revenues and EBITDA.
´The company expects almost all of the 388.5 MW of wind and hydro projects under construction to be operational by 2015 and to benefit from operating for most, if not all, of the 2015 peak operating season during the monsoon period. These new assets will make a significant, but part year contribution to operating results in 2015, and a full year´s contribution in 2016.The hydro assets currently under construction, and not due for completion until 2016, will contribute for a part year in 2016, and a full year in 2017.
The company´s construction of utility scale onshore wind farms has continued apace and taking advantage of the substantial grid connection capacity established for their first phases, subsequent phases have and are coming on stream more rapidly. The construction of a further 300 MW of significant wind farms spread over three locations is well under way.
Hydro assets The company also has 178 MW of hydro assets under construction. These are long term construction projects, with potentially longer life cycles and higher load factors. The company´s large 96 MW project at Dikchu in Sikkim, is nearing completion and is expected to be operating for most of the next snow melt and monsoon season. The company´s other hydro investments are smaller in scale and are expected to become operational in 2016.
Financial year highlights
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