24th Oct 2014 11:21
LONDON (Alliance News) - Greenko Group PLC Friday said trading is in line with market expectations, as it reported a jump in power generation and increased installed capacity.
In a statement for the period between April 1 and September 30, Greenko, which is an Indian developer, owner and operator of clean energy projects, said power generation increased by 89% to 1,225 Gigawatt Hours compared with the same period in the last year, with 525 GWh coming from the wind portfolio and 533 GWh from the hydro portfolio.
"This significant growth, combined with a better generation mix, is expected to result in first half revenue growth of over 120% and EBIDTA [earnings before interest, depreciation, tax and amortisation] growth of approximately 130% compared to the same period last year," the company said in a statement.
Installed capacity increased by 136 Megawatts (MW) to reach 697 MW in the period, Greenko said.
The company also said that 136 MW of new wind capacity was commissioned.
Greenko said it remains on track for its operational portfolio to exceed 1,000 MW in 2015, with all projects currently under construction fully financed, on time and on budget.
"Our ongoing initiatives to reduce our cost of debt, through our recent USD550 million bond issue and the USD125 million investment from EIG earlier this month, should further enhance our financial performance and afford us the flexibility to offer greater shareholder returns," Anil Chalamalasetty, chief executive and managing director, said in a statement.
"As the Indian energy market becomes increasingly favourable towards hydro and wind power, we remain very optimistic about the sustainability of our solid operational and financial performance," Chalamalasetty added.
Greenko shares were Friday quoted up 3.3% at 139.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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