London’s AIM-listed clean energy producer Greenko Group plc has reported a 74.6 per cent increase in operational capacity from 244 MW in March 2013 to 426 MW by end of September 2013. The company, backed by a slew a private equity funds, reported a 18 per cent increase in revenues to €27.9 million. On a constant currency basis, revenues grew by 32.4 per cent.
Adjusted EBITDA increased 49 per cent to €24.6 million, despite being affected by adverse currency movements and lower generation from biomass assets, said the company. Adjusted profit after tax increased 151 per cent to €10.5 million from €4.2 million during the same period in 2012.
Greenko, which counts TPG Growth and GIC Singapore as its investors, invested over €117.9 million into power assets, primarily due to a significant increase in construction activity. The cash balance at the end of the period was €43.5 million.
Greenko currently has 426 MW operational capacity, 608 MW in active construction and 1,337 MW in active development. The company has commissioned three wind farms of 183 MW in the last few months and expects to have commission another 200 MW of wind projects ahead of the 2014 monsoon. Greenko has a target 1,000 MW operational capacity by 2015.
“The depreciation of the rupee against the euro by approximately 12.3% has again led to foreign currency translation differences in our consolidated accounts. Generation increased 15 per cent and power revenue increased 17.8 per cent, despite the weakness of the rupee, as our generating mix changed with the growth in attractively priced and high margin wind power,” said Greenko chairman Keith Henry in a statement.
(Edited by Joby Puthuparampil Johnson)