Shimla: Independent power producer Greenko Group Plc has announced acquisition of three run of the river project small hydro power project in Himachal Pradesh.
The Hyderabad based company in its announcement to the London Stock Exchange (LSE), where it is listed, declared that the acquisition of the three hydro power projects would increase its generating capacity by a total of 15 MW.
Acquisition of the three projects cost Greenko 18.7 million Euros (Rs 131.5 Cr approx), a communiqué to the stock exchange stated.
The power generated at these plants is sold to HP State Electricity Board under long term power purchasing agreements (PPA) with the average plant load factor expected to be in excess of 60 percent.
The average PPA price is stated to be Rs 2.95/kWh and the projects are registered under clean development mechanism (CDM).
While the developer, owner and operator of clean energy projects targets to generate 1000 MW by 2015, the new acquisition has brought the generating portfolio of Greenko to over 275 MW.
In March 2012, Greenko had announced the acquisition of a 32 MW cluster of operating hydropower projects in Himachal Pradesh. This transaction was completed in April.
Speaking about the acquisition Anil Chalamalasetty, CEO and MD of Greenko said the, “portfolio addition is part of our strategy of adding attractively priced, high quality, tuck-in acquisitions.”
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, 180 under active development, he added.
Greenko Group Inc, a company listed on the LSE in November, 2007 is registered in the Isle of Man and its India office located in Hyderabad.
The company is building a portfolio of wind, hydropower, natural gas and biomass assets in India.