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Greenko buys hydel projects for Rs 132 cr

The Hindu Business Line:  November, 2012

Hyderabad: Renewable energy company Greenko has acquired three hydel power projects based in Himachal Pradesh for about Rs 132 crore (€18.7 million).

The Hyderabad-based company, listed on the London Stock Exchange’s AIM, has a generating portfolio of over 275 MW and is on track to set up total installed capacity of 1,000 MW by 2015, including wind power projects.

Greenko has acquired companies , apart from setting up its own portfolio of projects, including wind power generation farms in Maharashtra and Andhra Pradesh.

In March 2012, Greenko had announced the acquisition of a 32 MW cluster of operating hydel power projects in Himachal Pradesh and concluded the transaction in April. It had committed to acquire another 15 MW subject to certain conditions being fulfilled.

Sustainable hydel power assets

Anil Chalamalasetty, Chief Executive Officer and MD, Greenko, said these are amongst sustainable hydel power assets. The company has 151 MW of operational hydel assets, another 189 MW is under construction, and an additional 182 MW is under various stages of development.

The company is also evaluating more companies for acquisition. The Greenko management anticipates growing opportunity to increase hydel power portfolio through acquisition, be it operational, in construction, or at advanced stages of development.

The power generated from the hydel power plants will be sold to the State electricity board through the power purchase agreement. The company expects an average plant load factor of 60 per cent with the purchase price of Rs 2.95 per unit. These projects are registered under the clean development mechanism.