Greenko Group plc (GKO) - Hydropower Acquisition RNS Number : 3929R Greenko Group plc 19 November 2012 19 November 2012 Greenko Group plc ("Greenko" or "the Company") Hydropower Acquisition Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce the acquisition of three run-of-river hydro power projects in the Kangra District of Himachal Pradesh, totalling 15 MW. This brings Greenko's total generating portfolio to over 275 MW and keeps the Company on track for its target of 1,000 MW in 2015. On 28 March 2012, Greenko announced the acquisition of a 32 MW cluster of operating hydro projects in Himachal Pradesh and the transaction was completed in April 2012. At the same time, Greenko committed to acquire a further 15 MW, subject to certain conditions that have now been fulfilled. The total value of these three new projects is approximately €18.7 million, including normal project finance debt. All power produced from the plants is sold under long term Power Purchase Agreements ("PPA") to the local state electricity board. The average Plant Load Factor for the combined asset is expected to be in excess of 60%, the average PPA price is Rs2.95/kWh and the projects are registered under the Clean Development Mechanism. As a whole, thenew Himachal Pradeshprojects have a strong hydrology profile with diverse water catchment sources including snow, rain and glaciers as a result of their position in the foothills of the Himalayan Mountains. While Greenko anticipates growing its hydro portfolio primarily through organic development, it will continue to evaluate acquisition opportunities on a case-by-case basis. Where there is astronginvestment case, Greenko may acquire additional hydro assets which are either operational, in construction, or at an advanced developmental stage. Commenting on the acquisition, Anil Chalamalasetty, CEOand MDof Greenko, said:"Greenko has generated strong returns from its hydro assets. These are some of the most attractive and sustainable assets for an Indian energy market that is characterized by high demandand constrained base load fuel supply. We remain the largest operator and developer of small hydro assets in India, with 151 MW operational, a further 189 MW currently in construction and, 182 MW under active development, plus a good pipeline of potential acquisitions. Today's portfolio addition is part of our strategy of adding attractively priced, high quality, tuck-in acquisitions in the hydropower sector and providing a balanced portfolio of clean energy assets for India's rapidly growing market." -Ends- For further information please visit www.greenkogroup.com or call: Greenko Group plc Anil Chalamalasetty +44 (0)20 7920 3150 Mahesh Kolli Vasudeva Rao Kaipa Mark Thompson Arden Partners plc Richard Day / Adrian Trimmings +44 (0)20 7614 5917 Tavistock Communications Matt Ridsdale / Mike Bartlett +44 (0)20 7920 3150 About Greenko Greenko is a mainstream participant in the growing Indian energy industry and a market leading owner and operator of clean energy projects in India. The Group is building a de-risked portfolio of wind, hydropower, natural gas and biomass assets within India and intends to increase the installed capacity it operates by winning concessions to develop new greenfield assets as well as making selective acquisitions which enhance shareholder value. Greenko's portfolio is carefully planned and managed to ensure it offers investors diversification geographically and spreads risks across a number of projects which utilise varied environmental technologies. The Company's goal is to reach 1 GW of operational capacity in 2015. With a core belief in sustainability both operationally and environmentally, Greenko endeavours to be a responsible business playing an important role in the community beyond its role in the power generation industry. The Company maintains a continuous involvement in localised projects and community programmes which centre on education, health and wellbeing, environmental stewardship and improving rural infrastructure. Greenko Group plc was admitted to trading on the AIM market of the London Stock Exchange (LSE: GKO) in November 2007. This information is provided by RNS The company news service from the London Stock Exchange END ACQEAPFPFDEAFFF -0- Nov/19/2012 07:00 GMT
Greenko Group plc GKO Hydropower Acquisition
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