Greenko further expands hydro portfolio

18 December 2007

Greenko only acquired its first, 49MW, of hydro capacity in the six months of the financial year to 30 September. In its results, Greenko said that after the close of the period it secured two further hydropower concessions.

The initial acquisitions were of the 24.5MW AMR and 24.5MW Rithwik plants, both of which are due to be commissioned in June 2008. Details of the new purchases were not disclosed.

In delivering its first results as a traded company on London AIM, Greenko posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of Euro1M (US$1.44M) on total revenues of almost four times as much. Revenues from sales of electricity were approximately 80% of total revenues.

In November, the firm floated on London AIM and raised just over US$60M. It plans to use the funds to help finance hydropower and other additions to its energy portfolio. Following the first set of results the firm does not plan to issue an interim dividend to shareholders.

The company was incorporated almost three years ago to focus on renewable energy supplies and provision of carbon emission reduction (CER) units. Prior to its entry into hydropower this year the firm has focused on biomass.

Greenko had 90.5MW of total installed capacity by the end of September and its medium-term goal is to expand the portfolio to have 400MW by the end of the 2010-11 financial year – in just over three years.

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