Greenko Profit Rises 55% After Doubling Clean-Energy Capacity

Greenko Group Plc, an Indian clean-energy developer, reported a 55 percent increase in full-year profit after more than doubling its generating capacity.

Net income rose to 9.3 million euros ($12.7 million) for the year ended March 31 from 6 million euros a year earlier, the Hyderabad-based company said today in a statement. Its current operational capacity of 661 megawatts is more than double that of last year, after it brought online 348 megawatts worth of wind projects.

“Today, Greenko is a mainstream player in the power market in India, where our clean-energy projects are supplying at prices in line with or cheaper than prevailing market rates from traditional fuel sources,” Chief Executive Officer Anil Chalamalasetty said.

The developer is aiming to reach 1 gigawatt of capacity by 2015 and 2 gigawatts by 2018 and it has about 423 megawatts of wind and hydropower projects currently under construction.