According to reports, Indian energy group Greenko expects full-year results to meet expectations and said that the backdrop for renewable energy in India remains positive. Greenko, which is focused on building new utility scale wind farms and hydropower projects across India, said that trading in the 12 months ended March 31st was “in line” with power generation up 17% at 1,050 GWh. The company said that the early monsoon helped southern hydro generation rise by 43% during the year, while wind assets performed strongly.
Northern hydro did “reasonably well” despite an extended winter and limited snowmelt at the start of the year. However, its biomass assets continue to underperform due to issues around fuel supply, price and availability. The installed capacity base across the group increased to 561 MW from 309 MW the year before, with 182.4MW of new wind capacity commissioned in the second half.
With a number of projects under construction, Greenko said it remains on track for its operational portfolio to exceed 1,000 MW in 2015. “Our portfolio approach continues to pay off, with good results,” said Chief Executive Anil Chalamalasetty.
“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.” Greenko has a market capitalisation of just over £250m.