Greenko targets 1000 Mw in 3 yrs

Hyderabad-based clean energy producer Greenko Group Plc has set a target to enhance its power generation capacity to 1,000 Mw over a period of three years at a cost of about Rs 2,500 crore.

The company, listed on the Alternative Investment Market (AIM), London, currently has hydel, wind, gas and biomass-based power projects whose combined capacity stands at 470 Mw. Of these, 120 Mw capacity projects are under operation and 350 Mw assets are under various stages of execution.

“We will be augmenting our generation capacity to 1,000 Mw in the next three years at a cost of Euro 400 million,” Greenko founder and president, Mahesh Kolli, said.

According to Kolli, funding of the expansion programme would not be a problem with global private investment firms ready to invest in Greenko. Last year, Greenko had raised over Rs 600 crore from private equity major TPG and Global Environment Fund.

Speaking on the sidelines of a seminar on clean energy, organised by the Confederation of Indian Industry here on Friday, Kolli said 60 per cent of the targeted 1,000 Mw would be hydel power, while power generated from biomass would account for 10 per cent. Greenko has its presence in five states including Andhra Pradesh, Karnataka and Himachal Pradesh.

Besides setting up greenfield projects, Greenko earlier stated that its strategic objectives included buying out some of the small hydel projects under implementation. Last month, the company had acquired a 10.25 Mw hydel project in Karnataka and another 10 Mw project in Himachal Pradesh.