Greenko Eyes Boost From India’s Clean Power Push

02 June, 2011

London-listed clean energy producer Greenko is looking for opportunities in India’s huge power deficit and the country’s plans to beef up its renewable capacity.

India-based Greenko, founded by President Mahesh Kolli and Chief Executive Anil Chalamalasetty in 2006, is targeting an operational capacity of 1 gigawatt (GW) by 2014, nearly five times its current base of 183 megawatts (MW).

“Total power demand in India is about 350 GW, while supply is just about 165 (GW),” Kolli said on Wednesday. “There is a big race to add capacity to reduce the gap.”

Earlier on Wednesday, Greenko announced agreements to add a cumulative 650 MW to its windpower portfolio, taking its total wind assets in development past the 1 GW mark. Its total portfolio of operational assets and assets under development, including wind and hydro projects, now stands at 1.63 GW.

Meanwhile, India — the world’s third-biggest greenhouse gas polluter after the United States and China — aims to add 17 GW of renewable energy over five years starting 2012, and a total of 100 GW of power generation capacity by early 2017.

Kolli said it is easier to add renewable assets in India, as opposed to conventional assets.

“In the last five-year plan, 90 GW (of capacity) was planned, but less than half of that has been built, partly due to fuel supply issues on the coal and gas front and permitting problems,” he said.

India currently depends on coal for more than half the electricity consumed by its 1 billion plus population.

That hydro and wind power in India are already at grid parity — the point when power from a renewable source costs the same as conventional power — makes the market more attractive.

“In no other country can you have wind and hydro supply at grid parity level,” Kolli said. “We are not supplying above the cost of energy in the grid, but below the average cost of energy. By that measure, India is very attractive.”

That makes India an excellent market for other players, too, but Kolli is not worried about competition just yet.

“The challenge global utilities will face is that the development process in India is very localised,” he said. “For instance, in the wind sector, we spent three years collecting data, and then getting all the permits.”

Funding, too, could be a concern for the newer entrants, Kolli said and added that Greenko’s entire planned 1 GW platform was fully funded.

Earlier in the day, Greenko said it raised gross proceeds of 50 million pounds ($82.3 million) through a placing.


Leave Your Comment
Greenko Gets $50M From GE For Wind Energy Push

Greenko Gets $50M From GE For Wind Energy Push

TEAM VCC 1 year ago
London-listed clean energy producer Greenko Group PLC has raised $50 million from an arm of the NYSE-listed conglomerate General Electric Company to expand its wind...
Greenko raises $125M from US-based EIG Global Energy Partners

Greenko raises $125M from US-based EIG Global Energy Partners

Anuradha Verma 3 years ago
UK’s AIM-listed Indian renewable energy firm Greenko has raised $125 million from Washington-based energy and infrastructure-focused asset management firm EIG Global Energy Partners, through its...
Greenko Unit Raises $70M From StanChart In Structured Deal

Greenko Unit Raises $70M From StanChart In Structured Deal

TEAM VCC 6 years ago
A subsidiary of London-listed clean energy producer Greenko Group PLC has raised $70 million from Standard Chartered Plc in what appears to be a structured...
No Comments

Greenko Eyes Boost From India’s Clean Power Push

Powered by WordPress.com VIP