Clean energy developer Greenko has agreed to acquire the licence for a 96MW hydro project in the Indian province of Sikkim.
The company reached a deal last month with a group of investors for the licence, which will see it make initial payments over the next couple of months to also acquire all project assets including land and existing infrastructure.
Greenko has estimated that the run-of-river project will cost US$226M to build and will take four years to complete.
Greenko was founded in 2006 to develop, own and operate independent clean energy projects in the high-growth markets of Asia. In addition to energy generation, Greenko provides extensive services to projects which capitalize on the compliance market around the Clean Development Mechanism (CDM) of the Kyoto Protocol, as well as voluntary trading.
This new acquisition is part of the company’s strategy to boost its portfolio of hydro projects and secure 1GW of operating capacity by April 2015.
