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Greenko eyes wind growth for India with concessions for a 650MW wind farm project

Greenko group plc was in the news recently when they announced that founders of AIM-listed Indian clean energy owner and operator Greenko, first generation entrepreneur Anil Chalamalasetty and Mahesh Kolli, have acquired 3.75% additional stake in the TPG-backed company from its largest shareholder Aloe Private Equity for £10.125 million.

Aloe Environment Fund and Aloe Environment Fund II (which are both managed by Aloe Private Equity) held 17.85% of Greenko as of December 15, 2010. The company had earlier raised  $46.3 million from Global Environment Fund in 2009 and $34 million from TPG Capital Inc in 2010.

The company in December last year announced record half yearly profits and aggressive expansion plans.

We had reported in April this year that the company secured concessions for 300MW Wind and 50MW Hydro from Karantaka.

According to reports, clean energy producer Greenko yesterday ramped up its efforts to supply India with renewable power after it secured concessions for a 650 megawatt wind farm project and raised £50m in a placing of London-listed shares.

AIM-listed Greenko said its energy portfolio has passed 1.6 gigawatts, with around 183 megawatts of projects currently operational.

“Demand for power in India outstrips supply and we believe the energy deficit will become increasingly pronounced in the years ahead,” said chief executive Anil Chalamalasetty.

“India does not have a wealth of natural resources to rely on which has created an opening for clean energy generators.”

General Electric has agreed to build and maintain the new turbines.

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