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Greenko H1 profit drops, raises $70 million from Standard Chartered

Greenko Group plc posted first-half pre-tax profit of 3.09 million euros versus 9.14 million euros last year.

Earnings per share dropped to 1.03 cents from 4.71 cents in the prior-year period.

Revenue for the period was 19.8 million euros, down from 25.81 million euros in the same period last year. The reduction relates mainly to the company’s decision to warehouse CERs generated by its projects, which last year contributed some 3.1 million euros to interim revenues.

Revenue was also negatively impacted by foreign currency movements in the Rupee to Euro exchange rate and by the reduced contribution from the group’s biomass assets where the input costs rose substantially.

Clean energy group Greenko subsidiary, Greenko Mauritius, has secured a commitment for a $70m investment from Standard Chartered.

The proceeds will be used to support the development of renewable power projects in Greenko’s portfolio.

Chief executive and managing director Anil Chalamalasetty said: “We are delighted to partner with Standard Chartered, a leading global bank with a committed focus on sustainable energy investments.

“This, coupled with their strong presence in India, could provide us with financing solutions that could greatly enhance the return profile of Greenko’s project assets and shareholder value.

“This announcement represents a further step in establishing Greenko as a leading renewable energy provider in India.”

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