The assets consist of a 32MW operational project and a 24MW scheme that is currently under development. The 32MW asset cluster is located in the Northern Indian state of Himachal Pradesh on the edge of the Himalayan Mountains. It consists of four 5MW plants and one 12MW plant. All power produced from the plants is sold under long term PPA’s to the local state electricity board.
The 24MW project is in the Southern Indian state of Karnataka and is expected to be completed in 2014. All project approvals have been obtained and construction is due to start after the 2012 monsoon which typically runs from June to September. The surrounding terrain is part of an existing Greenko cluster where the company is already developing and operating hydro plants, allowing resources already present to be employed for this new project.
Commenting on the acquisitions, which are subject to certain conditions, Anil Chalamalasetty, CEO and MD of Greenko, said: “We have a strong record of generating profits from our existing hydro assets. Greenko is now the largest operator and developer of small hydro assets in India. These are the most attractive and sustainable assets for an Indian energy market that is characterized by high demand and constraints in base load fuel supply and potentially volatile offtake markets. These additions to our portfolio are in line with the Group’s targeted operational capacity of 1GW by 2015.”
Greenko’s operational portfolio is now 214.6MW out of a total 1.67GW portfolio of diversified clean energy assets, of which over 450MW is under construction.
Acording to a statement, the company believes there are opportunities to add to the hydro portfolio via acquisitions and will continue to evaluate opportunities on a case-by-case basis. Where there is a strong investment case to do so, Greenko may acquire additional hydro assets which are either already operational or at an advanced developmental stage, it said.
