Greenko Group plc Wind Farm Commissioned (7652I)
June 04 2014 - 1:00AM
UK Regulatory
TIDMGKO
RNS Number : 7652I
Greenko Group plc
04 June 2014
4 June 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 Basvanbagewadi wind farm in Karnataka has been commissioned,
providing electricity to the grid and selling its power directly to
leading global technology companies and commercial customers via an
attractive 10-year indexed power purchase agreement.
Including Phase-1 (51.2 MW) and the Mangalore (15 MW) and Matrix
(15 MW) projects which have already been commissioned, this takes
the total generating capacity at the Basvanbagewadi wind farm to
131.2 MW. It also takes Greenko's total generating portfolio to 611
MW, nearly doubling capacity since April 2013.
Basvanbagewadi Phase-2 ("BB2") is the first project that Greenko
has commissioned so far this financial year and brings the
Company's total wind power capacity to 298 MW in time for the 2014
wind season, which typically starts in July. The total cost for
Phase-2 was approximately EUR45 million using Gamesa G97-2.0 MW
turbines, which have a 90m hub height, 97m diameter blades and the
potential to deliver a better than 30% capacity factor in an
average year. The project has immediate access to the grid, as the
connection for the site's full capacity of 180 MW was completed in
October 2013 ahead of Phase 1's commissioning.
Commenting on the project, Anil Chalamalasetty, CEO of Greenko,
said: "We are delighted to have commissioned another wind project
ahead of the 2014 wind season. 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 reach
about 700 MW operating capacity to capture the season."
-Ends-
For further information please visit www.greenkogroup.com or
call:
Greenko Group plc
Anil Chalamalasetty / Mahesh Kolli / Vasudeva Rao Kaipa +44 (0)20 7920 3150
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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