Indian Clean Energy Company Greenko Group Plc that is based in Hyderabad and listed on London Stock Exchange’s Alternative Investment Market (AIM), announced record half yearly profits and ambitious expansion plans.
According to reports, Greenko Group’s (GKO.L) first-half pretax profit surged more than eight-fold, aided by an uplift in its operating capacity following a push into the fast-growing wind energy market. The company reported a half yearly revenue of €25.81 million compared to €8.61 million for the corresponding period last year. Profit after tax increased to €7.85 million compared to €0.77 million for the corresponding period last year. EBITDA increased to €11.41 million compared to €2.69 million for the corresponding period last year.
“Greenko is strategically positioned in the Indian energy market which is driven by strong demand but with constrained fuel supply,” the company said in a statement.
Greenko also said it was progressing towards its target of 1 gigawatts (GW) operational capacity within the next four years and has a current operational portfolio to 183MW.
The Group portfolio increased from 611MW to 811MW including the new 200MW wind portfolio and has announced the completion of the debt funding and starting of theconstruction of 65MW wind power asset in Maharashtra. The project was developed under the Ratnagiri Wind Power Projects Ltd with a technology partnership with GE for their latest XLE class turbines, specifically designed for low wind regimes in India.
Reliance Infrastructure had signed the power sale agreement with Greenko for the wind energy assets under development.