14th Apr 2014 10:52
LONDON (Alliance News) - Greenko Group PLC Monday said it traded in line with expectations in its last financial year, and its generation increased bringing a likely revenue increase of over 50%.
The Indian developer, owner and operator of clean energy projects said its generation increased 17% to 1,050 gigawatt hours in the full year ending March 31, and its installed capacity increased 82% to 561 megawatts, from 309 megawatts the previous year.
The company said an early monsoon helped southern hydro generation increase by 43%, and its wind assets delivered a strong performance, offsetting underperforming biomass assets due to issues around fuel supply, price and availability.
Greenko said the improvements should result in revenue growth of over 50% and earnings before interest, depreciation, taxation and amortisation growth of roughly 70% compared with the previous year.
The company also said that it commissioned 182.4 megawatts of new wind capacity in the second half of the year and is on track to commission over 130 megawatts of further wind capacity before the 2014 wind season starts up.
Greenko said that it is therefore on track for its operational portfolio to exceed 1,000 megawatts in 2015 with all its projects under construction, fully financed, on time and on budget.
"Given that equipment orders for our 2015 target of 1,000 megawatts are in place, with costs fixed in Rupees and an Indian energy market becoming increasingly favourable for hydro and wind power, we are very optimistic about the coming year's financial performance," Chief Executive Anil Chalamalasetty said in a statement.
The company also noted that its acquisition of the 70 megawatt Budhil Hydro site in Himachal Pradesh is due to complete shortly.
Greenko Group shares were down 0.4% to 167.00 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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