CleanTech/ Renewable Energy, Finance, Other

Greenko continues small hydro acquisitions with a €18.3 million buyout of 14 MW Himachal Project

Indian developer of clean energy projects, Greenko, has acquired its 11th hydro power project in Himachal Pradesh, a mountainous region of northern India.

The run-of-river hydro project, known as Sumez 14 MW, is located near Greenko’s existing cluster of Himachal projects and has a total value of approximately €18.3m.

In a normal hydrology year, Greenko’s Himachal portfolio of hydro projects is expected to collectively generate approximately €15m in EBITDA (earnings before interest, tax, depreciation and amortisation) from power sales at the present exchange rate.

The projects have a strong hydrology profile due to their position at the base of the Himalayan Mountains, with diverse water catchment sources including snow melt, rainfall and glacier melt.

Commenting on the acquisition, Anil Chalamalasetty, Chief Executive Officer of Greenko, said: “Greenko’s hydro assets are generating good returns and form the backbone of our diversified portfolio. Our hydro capacity has grown by 58% this financial year and Sumez now gives us access to the merchant power market, where we will expect to generate attractive returns for our shareholders.”

He added that further acquisitions were in the pipeline for the coming years: “While most of the next two years’ growth will come from our own wind and hydro developments, we will continue to selectively acquire high quality hydro projects.”

Advertisements

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: