Greenko Group plc Wind Farm Commissioned (6310S)

TIDMGKO

RNS Number : 6310S

Greenko Group plc

11 November 2013

11 November 2013

Greenko Group plc

("Greenko" or "the Company")

Wind Farm Commissioned

Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce that Phase-1 (51.2 MW) of its Balavenkatpuram wind farm has been commissioned. This takes Greenko's total generating portfolio to 411 MW, a 38% increase since April 2013.

Balavenkatpuram Phase-1 is the third wind farm Greenko has commissioned this year and the project was completed one month ahead of schedule. The project has secured a 25-year power purchase agreement with the state of Andhra Pradesh and benefits from the recently increased tariff, along with the Generation Based Incentive. The total Phase-1 cost was approximately EUR40 million and uses the enhanced GE 1.6 XLE turbine, which has the potential to deliver close to a 30% capacity factor in an average year.

The grid connection for the site's full capacity of 200 MW has also been completed. Phase-2 (50.0 MW) using Gamesa's large G97 turbine, which has a 90m hub height and 97m diameter blades, is currently under construction and on schedule. The Group's strategy of building large scale wind farms in a phased manner, using the latest low wind speed turbine technology connected to the high voltage transmission grid, means it is able to deliver significant, predictable and profitable growth.

As previously announced, Greenko's performance remains in line with expectations. The early monsoon helped southern hydro and wind power generation, while northern hydro is running well, with good plant availability.

Commenting on the project, Anil Chalamalasetty, CEO of Greenko, said: "We are delighted to be commissioning Phase-1 ahead of schedule. Our first two wind farms refined our modular approach to wind farm construction, which is now delivering substantial and predictable growth. As a result, we should double our generating capacity this financial year to 600 MW and remain in line to hit our 2015 target of 1,000 MW."

-Ends-

For further information please visit www.greenkogroup.com or call:

Greenko Group plc

   Anil Chalamalasetty                                                           [phone] 

Mahesh Kolli

Vasudeva Rao Kaipa

Mark Thompson

Arden Partners plc

   Richard Day / Adrian Trimmings                                     [phone] 

Tavistock Communications

   Matt Ridsdale / Mike Bartlett                                           [phone] 

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

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