30th Mar 2015 10:36
LONDON (Alliance News) - Greenko Group PLC Monday said it outperformed the whole of its previous financial year in the last nine-months of 2014, as its reported a significant rise in profit, earnings and revenue and continued to build up its capacity through acquisitions.
The owner and operator of clean energy projects Monday released its financial figures for the nine-month period ending December 31 after it changed its financial year to align it with a calendar year. Still, Greenko reported a rise in profits, earnings and revenue in the nine-month period compared with the whole 12 months of the previous financial year.
In the nine-month period, Greenko's pretax profit rose to USD23.9 million, from USD17.8 million in the previous 12 months, as revenue rose to USD100.2 million from USD70.9 million. Earnings before interest, tax, depreciation and amortization rose to USD80.6 million from USD54.9 million.
Revenue surpassed the USD100 million mark from the generation of 1,565 gigawatt hours of electricity, which is up over 45% from 1,072 gigawatt hours, as the company increased its capacity and production via its ongoing acquisitions.
In the nine-month period, Greenko increased its operational capacity by 224 megawatts.
"Our diligent approach to new projects, or acquisitions, is bearing fruit from the sound performance of the projects once they become operational. We carry out extensive technical, commercial, financial and legal due diligence before acquisitions, and also extensive site and wind or water flow data analysis before we commit to new projects. Our experience on the projects that are now operating confirms the validity of our pre-project analyses and our expected internal rates of return on our investments," said the company.
Looking forward, Greenko will continue to build on its presence in India as the power generation balance "remains extremely favourable" for new renewable projects, and said it will look for further wind or hydro-power acquisition opportunities in the area. Greenko is also looking at the potential of acquiring solar projects "in the coming years" and said it is considering up to 600 megawatts of solar projects at present.
"As the Indian energy market becomes increasingly favourable towards hydro and wind power, especially with the government's recent announcement increasing its target for renewable generation to 175 gigawatt by 2022, we remain very optimistic about the strong sustainability of our operational and financial performance. We are well on track to beat our milestone target of owning and operating 1 gigawatt of generating capacity during 2015," said Anil Chalamalasetty, chief executive and managing director of Greenko.
Greenko shares were down 1.4% to 104.50 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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