GKO Greenko

TIDMGKO

RNS Number : 7330Y

Greenko Group plc

29 January 2014

29 January 2014

Greenko Group plc

("Greenko" or "the Company")

Wind Farm Commissioned

Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce that Phase-2 (50.0 MW) of its Balavenkatpuram wind farm has been commissioned. This takes Greenko's total generating portfolio to 476 MW, a 54% increase since April 2013.

Balavenkatpuram Phase-2 is the fifth wind farm Greenko has commissioned this financial year and brings the Company's total wind power capacity to 233.0 MW. Phase-2 was completed ahead of schedule and should ramp up to its full power curve in the coming weeks. The total cost for Phase-2 was approximately EUR43 million using Gamesa's G97 turbine, which has a 90m hub height, 97m diameter blades and the potential to deliver a better than 30% capacity factor in an average year. Phase-2 has a 25-year power purchase agreement with the state of Andhra Pradesh and benefits from the Generation Based Incentive.

The grid connection for the site's full capacity of 200 MW was completed in October 2013, ahead of Phase-1's commissioning. Balavenkatpuram Phase-3 (50.0 MW) is already under construction and on track for commissioning ahead of the main generating season, which begins with the monsoon in July.

Commenting on the project, Anil Chalamalasetty, CEO of Greenko, said: "We are delighted to have commissioned another wind project ahead of schedule. The Company's strategy of building large wind farms in a phased manner, using the latest low wind speed turbine technology connected to the high voltage transmission grid, means Greenko is increasingly well placed to deliver significant, predictable and profitable growth. We expect to more than double our generating capacity this financial year to 600 MW and are firmly on track to meet our 2015 target of 1,000 MW."

-Ends-

For further information please visit www.greenkogroup.com or call:

 
 Greenko Group plc 
  Anil Chalamalasetty / Mahesh 
  Kolli 
  Vasudeva Rao Kaipa / Mark Thompson    +44 (0)20 7920 3150 
 Arden Partners plc 
  Richard Day / Adrian Trimmings        +44 (0)20 7614 5917 
 Investec Bank plc 
  Jeremy Ellis / Gary Clarence          +44 (0)20 7597 4000 
 Tavistock Communications 
  Matt Ridsdale / Mike Bartlett         +44 (0)20 7920 3150 
 

About Greenko

Greenko is a mainstream participant in the growing Indian energy industry and a market leading owner and operator of clean energy projects in India utilising a de-risked portfolio of wind, run-of-river hydropower, natural gas and biomass assets. The Group is now focused on building new utility scale wind farms and hydropower projects across India. Greenko intends to increase the installed capacity it operates by winning concessions to develop and build new greenfield assets, as well as making selective acquisitions which enhance shareholder value.

Greenko's portfolio is carefully planned and managed to ensure it offers investors diversification and spreads its risk across a number of projects that utilise various well-proven environmental technologies. The Company's goal is to reach 1,000 MW of operational capacity in 2015 and approximately 2,000 MW in 2018.

With a core belief in sustainability both operationally and environmentally, Greenko endeavours to be a responsible business playing an important role in the community beyond its role in the power generation industry. The Company maintains a continuous involvement in localised projects and community programmes which centre on education, health and wellbeing, environmental stewardship and improving rural infrastructure.

Greenko Group plc was admitted to trading on the AIM market of the London Stock Exchange (LSE: GKO) in November 2007.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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