TIDMGKO
RNS Number : 1503Q
Greenko Group plc
10 October 2013
10 October 2013
Greenko Group plc
("Greenko" or "the Company")
Trading Update
Greenko, the Indian developer, owner and operator of clean
energy projects, today provides a trading update for the first half
of its 2013-14 financial year, covering the period 1(st) April 2013
to 30(th) September 2013:
-- Trading in-line with expectations
-- Installed capacity increased from 309 MW to 412 MW
-- Generation increased 15% to 650 GWh, compared to the previous year
-- 102 MW of new wind capacity commissioned/completed since 1(st) April 2013
-- On track to complete construction of over 250 MW of new wind capacity this financial year
Operational projects
Overall performance is in line with expectations, with
generation increasing 15%, to 650 GWh, compared to the same period
in 2012. The early monsoon helped increase southern hydro
generation by 39%, and the wind assets delivered a strong
performance. Northern hydro is now running well, with good plant
availability helping offset earlier delays due to a late snowmelt
and third party transmission issues. The biomass assets continue to
underperform, due to issues around fuel supply, price and
availability.
Projects under construction
-- Ratnagiri Wind Farm (101.6 MW - Maharashtra).
Phase-1 (65.6 MW) was successfully commissioned at the start of
the period. Phase-2 (36.0 MW) is scheduled to start construction in
late 2013, with the turbines starting to arrive on site by
year-end. The grid connection and sub-station for the entire site
were completed during Phase-1, which helps keep the full capacity
on track for commissioning by the 2014 wind season.
-- Basvanbagewadi Wind Farm (151.2 MW - Karnataka).
Total export capacity at the Basvanbagewadi site was increased
from 158 MW to 180 MW, to support 151.2 MW for the project and 30
MW for the Matrix and Mangalore projects (see below).
o Phase-1 (51.2 MW): the thirty-two GE 1.6 XLE turbines were
commissioned in September, together with the 180 MW sub-station for
the entire site;
o Phase-2 (50.0 MW): has begun construction using the Gamesa
G97-2.0 turbines, which have started to arrive on site. Phase-2
remains on track for commissioning in early 2014;
o Phase-3 (50.0 MW): land acquisition is in progress and a
construction schedule should be announced shortly.
-- Matrix Wind Farm(15.0 MW - Karnataka).
Located within the Basvanbagewadi site and using the same grid
connection, Matrix will sell its output directly to a
multi-national IT Park via a 10-year PPA. Commissioning is planned
for November 2013.
-- Mangalore Energy Wind Farm(15.0 MW - Karnataka).
Following the successful Matrix Wind Farm captive model, a
second 15 MW wind farm is being developed within the Basvanbagewadi
site and also using the same grid connection. Commissioning is
expected in December 2013 and the off-taker is a business park with
multi-national clients.
-- Balavenkatpuram Wind Farm (200 MW - Andhra Pradesh).
o Phase-1 (51.2 MW) using the enhanced GE 1.6 XLE turbine is
complete, connected to the grid and commissioned. It should shortly
begin selling power, once final State certification is
received;
o Phase-2 and Phase-3 (100 MW) will use the G97-2.0 wind
turbine. Land acquisition for these two phases is complete,
turbines are being delivered to site and initial construction has
begun. Commissioning is planned for late 2013 and March 2014
respectively.
-- Dikchu Hydropower(96.0 MW - Sikkim).
Key components of the project are progressing well. Over 50% of
the project's civil works is completed, including a substantial
part of the powerhouse. The majority of the Alsthom turbines and
the electro-magnetic components have been delivered to site,
enabling the installation of key equipment to begin. The project
experienced delays due to abnormal weather conditions earlier in
the year, but remains on schedule to begin commissioning in late
2014, ready for 2015's generating season.
-- Additional Hydropower(92.6 MW - Karnataka and Himachal Pradesh).
Five smaller projects are under construction and remain on
schedule for commissioning in 2014 and early 2015.
Outlook
The backdrop for renewable energy in India remains positive, as
conventional power assets struggle to supply power to the grid, due
to both fuel supply and off-take price issues. Greenko's wind and
hydro portfolio in many States can now profitably supply power
below the price of conventional generation. This, coupled with
increased demand, means that Greenko is well positioned to provide
financially attractive, sustainable long-term returns.
Greenko's results for the six months ending 30 September 2013
will be announced during the week beginning 2nd December 2013.
Anil Chalamalasetty, CEO of Greenko, said:
"Our portfolio approach continues to pay off, with good results
in the first half. This year, we have added a further 102 MW of new
wind capacity and are well on track to add a total of 250 MW of
wind power, with projects already engaged for a further 250 MW the
following year. Given that the project 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 returns our portfolio will
deliver."
-Ends-
For further information please visit www.greenkogroup.com or
call:
Greenko Group plc
Anil Chalamalasetty / Mahesh
Kolli
Vasudeva Rao Kaipa / Mark Thompson +44 (0)20 7920 3150
Arden Partners plc
Richard Day / Adrian Trimmings +44 (0)20 7614 5917
Tavistock Communications
Matt Ridsdale / Mike Bartlett +44 (0)20 7920 3150
About Greenko
Greenko is a mainstream participant in the growing Indian energy
industry and a market leading owner and operator of clean energy
projects in India utilising a de-risked portfolio of wind,
run-of-river hydropower, natural gas and biomass assets. The Group
is now focused on building new utility scale wind farms and
hydropower projects across India. Greenko intends to increase the
installed capacity it operates by winning concessions to develop
and build new greenfield assets, as well as making selective
acquisitions which enhance shareholder value.
Greenko's portfolio is carefully planned and managed to ensure
it offers investors diversification and spreads its risk across a
number of projects that utilise various well-proven environmental
technologies. The Company's goal is to reach 1,000 MW of
operational capacity in 2015 and approximately 2,000 MW in
2018.
With a core belief in sustainability both operationally and
environmentally, Greenko endeavours to be a responsible business
playing an important role in the community beyond its role in the
power generation industry. The Company maintains a continuous
involvement in localised projects and community programmes which
centre on education, health and wellbeing, environmental
stewardship and improving rural infrastructure.
Greenko Group plc was admitted to trading on the AIM market of
the London Stock Exchange (LSE: GKO) in November 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTUKRNROAARRAA
Greenko (LSE:GKO)
Historical Stock Chart
From Nov 2024 to Dec 2024
Greenko (LSE:GKO)
Historical Stock Chart
From Dec 2023 to Dec 2024
