UPDATE – India’s Greenko nets 41.7 million euros in stock listing

Indian energy producer Greenko Group Plc. announced it placed 32.1 million ordinary shares on London’s junior stock market, Alternative Investment Market (AIM), raising about 45 million euros (US$66.1 million) before expenses.

Greenko, which is building a portfolio of hydropower and biomass power plants and sells Carbon Emission Reduction units, estimated it would receive net proceeds from the sale of 41.7 million euros (US$61.3 million). The firm had anticipated raising up to 60 million euros (US$85.7 million) when it announced sale plans. (HNN 10/26/07)

The company said it will use funds raised to acquire existing clean energy schemes and to build new projects with a goal of operating 400 MW of capacity.

Greenko is in the process of acquiring AMR Power Pvt. Ltd., a 25-MW hydropower plant in Perla Village of South Canara District in India’s Karnataka State. The plant is in an advanced state of construction and is to be operational from June 2008.

The company also is acquiring Rithwik Energy Generation Pvt. Ltd., another 25-MW plant in Karnataka’s Shamburi Village, South Canara, which also is to begin operation in June 2008.

Each of the hydro plants is to create 66,289 carbon emission reduction credits for sale.

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