India’s Greenko ups holdings to 90.5 MW, pursues another 20 MW of hydro

Indian renewable energy producer Greenko Group Plc. announced it increased its holdings to 90.5 MW from 19.5 MW in its six-month reporting period, and added two more hydro plants totaling 20 MW just after the reporting period ended.

In its interim results for six months ending in September, Greenko reported the placement of its 32.1 million ordinary shares on London’s junior stock market, Alternative Investment Market, raising about 45 million euros (US$66.1 million) before expenses. (HNN 11/8/07)

�This has been a busy time for Greenko as we continue to make solid progress in our drive to become a leading Indian renewable energy owner and operator,� Greenko Chief Executive Officer Anil Chalamalasetty said December 17. �We have grown our secured installed capacity from 19.5 MW at the start of the period under review to 90.5 MW through a combined process of acquisition of existing operating plants and those under construction.�

Greenko also reported on its acquisition of AMR Power Pvt. Ltd., a 25-MW hydropower plant in Perla Village, and Rithwik Energy Generation Pvt. Ltd., another 25-MW plant in Shamburi Village, both in South Canara District of India’s Karnataka State. Each of the hydro plants is to create 66,289 carbon emission reduction credits for sale.

�These will start operating early in the second half of 2008 and are currently reaching the final stages of construction,� Greenko said. �Post the period end, the group has secured two further hydro concessions to build plants totaling a further 20 MW of capacity.�

Although the company did not specify the additional hydro projects, it said negotiations are under way to secure a number of additional assets in the hydro, biomass, and wind sectors.

Greenko is building a portfolio of hydropower and biomass power plants and sells Carbon Emission Reduction units. The company plans to use funds raised to acquire existing clean energy schemes and to build new projects with a goal of operating 400 MW of capacity.

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