TIDMGKO
RNS Number : 6971E
Greenko Group plc
14 April 2014
14 April 2014
Greenko Group plc
("Greenko" or "the Company")
Trading Update
Greenko, the Indian developer, owner and operator of clean
energy projects, today provides a trading update for its 2013-14
financial year, covering the period 1(st) April 2013 to 31(st)
March 2014:
-- Trading in-line with expectations
-- Generation increased 17% to 1,050 GWh, compared to the previous year
-- Installed capacity increased from 309 MW in April 2013 to 561 MW
-- 182.4 MW of new wind capacity commissioned in the second half of the year
-- Acquisition of Budhil hydro (70 MW) in Himachal Pradesh due to complete shortly
-- On track to commission over 130 MW of further wind capacity before the 2014 wind season
Operational projects
Overall performance was in line with expectations. The early
monsoon helped southern hydro generation increase by 43%, and the
wind assets delivered a strong performance. Northern hydro did
reasonably well despite an extended winter and limited snowmelt in
the initial part of the year. The biomass assets continue to
underperform, due to issues around fuel supply, price and
availability.
Generation increased 17% in the period, to 1,050 GWh. This
growth, along with a better generation mix should result in revenue
growth of over 50% and EBIDTA growth of approximately 70%, compared
to the previous year, on a constant currency basis.
Projects under construction
Greenko remains on track for its operational portfolio to exceed
1,000 MW in 2015, with all the projects under construction and
fully financed. The construction portfolio is on time and on
budget.
-- Ratnagiri Wind (101.6 MW - Maharashtra).
o Phase-1 (65.6 MW) was successfully commissioned at the start
of the period and operated in line with expectations.
o Phase-2 (36.0 MW) is under construction with all the turbines
on site. The grid connection and sub-station for the entire site
were completed during Phase-1 and the full capacity remains on
track for commissioning by the 2014 wind season.
-- Basvanbagewadi Wind (181.2 MW - Karnataka).
Total export capacity at the Basvanbagewadi site was increased
from 158 MW to 180 MW:
o Phase-1 (51.2 MW) was successfully commissioned and is generating power.
o Mangalore (15.0 MW) and Matrix (15.0 MW) are separate projects
within the overall Basvanbagewadi footprint and use the same grid
connection. Both were successfully commissioned and are selling
power via long-term independent bilateral contracts with commercial
off-takers.
o Phase-2 (50.0 MW) is nearing completion, with all of its
Gamesa G97-2.0 MW turbines on site, and commissioning due before
the 2014 wind season.
o Phase-3 (50.0 MW) land acquisition is in progress and the
Gamesa turbines are due on site next month.
-- Balavenkatpuram Wind Farm (200 MW - Andhra Pradesh).
o Phase-1+2 (101.2 MW) use the enhanced GE 1.6 XLE turbine and
the Gamesa G97 turbine. Both phases have been commissioned and are
generating power.
o Phase-3 (50 MW) is at an advanced stage, with all 25 Gamesa
G97 turbines on site. The grid connection and sub-station for the
entire site were completed during Phase-1 and Phase-3 remains on
track for commissioning before 2014's wind season.
-- Tanot Wind Farm (120 MW - Rajasthan).
o Phase-1 (60 MW) delivery of the Gamesa G97 turbines is due at the end of the 2014 monsoon, with commissioning by the end of 2014.
o Phase-2 (60 MW) land acquisition is complete and construction
is expected to roll straight on from Phase-1, with Phase-2
commissioning before 2015's wind season.
-- Dikchu Hydropower(96.0 MW - Sikkim).
Over 70% of the project's civil works are completed, including a
substantial part of the powerhouse. The majority of the
electro-mechanical components are on site and their installation is
over 75% complete. Delays due to abnormal weather conditions
earlier in the year have not significantly affected the schedule
and the project remains on track to commence operations at the
start of the 2015 generating season.
-- Additional Hydropower(92.6 MW - Karnataka and Himachal Pradesh).
Five smaller projects are under construction and remain on
schedule for commissioning in late 2014 and 2015.
Outlook
The backdrop for renewable energy in India remains positive, as
conventional power assets struggle to supply power to the grid, due
to fuel supply and off-take price issues. Greenko's wind and hydro
portfolio can now profitably supply power below the price of
conventional generation in many States. With approaching 700 MW
expected to be operational by the financial year 2014-15 generating
season, the Company expects another year of significant growth.
Anil Chalamalasetty, CEO of Greenko, said:
"Our portfolio approach continues to pay off, with good results.
In the year, we added 182.4 MW of new wind capacity and are well on
track to add a further 136 MW before the 2014 wind season, and
projects are already under construction for a further 250 MW for
the coming year. Given that equipment orders for our 2015 target of
1,000 MW are in place, with costs fixed in Rupees and an Indian
energy market becoming increasingly favourable for hydro and wind
power, we are very optimistic about the coming year's financial
performance."
-Ends-
For further information please visit www.greenkogroup.com or
call:
Greenko Group plc
Anil Chalamalasetty / Mahesh Kolli +44 (0)20 7920 3150
Vasudeva Rao Kaipa / Mark Thompson
Arden Partners plc
Richard Day +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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