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 developing new greenfield assets.

Greenko's portfolio is carefully diversified geographically and risk is spread across a number of projects which utilise varied environmental technologies. The Company's medium term 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 (previously Greenko S.A.) was incorporated in Luxembourg and is registered in the Isle of Man. The Group has been listed on the London Stock Exchange's Alternative Investment Market (AIM) since November 07, 2007


http://www.greenkogroup.com/

These were given as a tip to buy in IC in March this year at 138.5p
In this weeks IC, Simon T - True the shares have yet to progress towards my 200p a share fair value target. However there is every reason to believe that they will. Chairman Keith Henry certainly thinks so as he has just bought 20.000 shares at 119p. The operational performance of the company supports that purchase after Greenko's reported full year results were ahead of Arden Partners expectations. Cash profits of 32.8m euros beat the brokers 30.7m euros estimate, reflecting ''an additional 1.2m euros for the sale of an unused biomass project licence.''
Analyst Adam Forsyth at Arden forecasts that revenues will more than double from 36m euros to 78.2m euros in the financial year to March 2014 to boost operating profits by 150% to 40m euros, increasing to 128m euros and 78.4m the year after.

Mr Forsyth values Greenko at 266p a share and notes ''a strengthened board and strong newsflow should give investors more confidence.

15 March 2013
Greenko Group plc
("Greenko" or "the Company")
Proposed £100 million investment by GIC
Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce a proposed £100 million investment in Greenko Mauritius Ltd ("GM") ordinary shares ("GM Shares"), by an affiliate of the Government of Singapore Investment Corporation Pte Ltd ("GIC"), one of the world's leading sovereign wealth funds.
Key highlights:
· The funds will accelerate construction of Greenko's substantial power portfolio and take advantage of the currently attractive power opportunities in India, through the deployment of utility scale wind farms and Himalayan run-of-river hydro projects.
· GIC is a long-established investor in the infrastructure sector. This investment reflects GIC's confidence in Greenko and the Indian renewable energy opportunity.
· The GM Shares will in the ordinary course convert one for one into ordinary shares in Greenko at a price of 260p per share subject to final adjustment between 1 July 2015 and 30 June 2017. The initial investment is equivalent to a minimum of 19.5% of Greenko on a fully diluted basis.
· The proposed investment is conditional on Greenko's shareholders approving certain resolutions at an EGM planned for 4 April 2013.
· With this financing Greenko is now targeting approximately 2,000 MW of operating capacity in 2018, double the target for 2015.
Anil Chalamalasetty, Chief Executive of Greenko, commented:
"We are delighted to have attracted this significant investment from GIC that will help take us beyond our 2015 operating capacity target of 1,000 MW and sets us up for our new target of approximately 2,000 MW in 2018. This shows great confidence in Greenko's business model and its opportunity in the Indian power market. GIC's infrastructure investment capability will be a great addition to the platform."
-Ends-

Final Results

RNS


RNS Number : 9978J

Greenko Group plc

24 July 2013


Financial Year Highlights

· Revenue increased 10.4% and adjusted EBITDA increased 27.5%, on a constant currency basis

· Reported revenue increased 3.8% to €38.3 million (2012: €36.9 million)

· Adjusted1 EBITDA increased 19.9% to €32.8 million (2012: €27.3 million)

· Power assets grew 69.0% to €516.7 million (2012: €305.8 million)

· €205.6 million of committed but undrawn project debt currently in place



Operational Highlights

· Generation grew 15.1% to 886.0 GWh (2012: 769.8 GWh)

· Completed and operational capacity grew 69.4% to 309.2 MW (2012: 182.6 MW)

· 425 MW of Himalayan hydro development concessions added in Himachal Pradesh and Arunachal Pradesh



http://www.moneyam.com/action/news/showArticle?id=4637352

A nice and steady climb.

Simon T of IC today - I always monitor share-dealing activity in the shares of companies on my watchlist to see not only what the directors are doing, but also to monitor fund flows between institutions. That's because when you see a fund manager increase its stake in a company where the shares have been held back for no apparent reason, it can signal that a stock overhang is being cleared and the price could be ready to eventually make the upmove you had predicted.

And this is exactly what I think is happening in the shares of Greenko

(GKO: 146p), the Indian developer, owner and operator of clean energy projects. It has proved a frustrating holding and one yet to make any meaningful progress towards my 200p-a-share fair value target, having originally advised buying the shares at 138.5p ('Buy signal flashing green', 18 Mar 2013).

However, that could all be about to change, as in recent weeks the price has been making headway, and on a bid offer spread of 142p to 146p, the March high of 152p is now within sight. Moreover, a breach of that level would signify a major chart break-out and open the way for a move towards my 200p target price.

Another good day up 5%.

Wind Farm Commissioned

RNS


RNS Number : 6310S

Greenko Group plc

11 November 2013














11 November 2013

Greenko Group plc

("Greenko" or "the Company")



Wind Farm Commissioned



Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce that Phase-1 (51.2 MW) of its Balavenkatpuram wind farm has been commissioned. This takes Greenko's total generating portfolio to 411 MW, a 38% increase since April 2013.



Balavenkatpuram Phase-1 is the third wind farm Greenko has commissioned this year and the project was completed one month ahead of schedule. The project has secured a 25-year power purchase agreement with the state of Andhra Pradesh and benefits from the recently increased tariff, along with the Generation Based Incentive. The total Phase-1 cost was approximately €40 million and uses the enhanced GE 1.6 XLE turbine, which has the potential to deliver close to a 30% capacity factor in an average year.



The grid connection for the site's full capacity of 200 MW has also been completed. Phase-2 (50.0 MW) using Gamesa's large G97 turbine, which has a 90m hub height and 97m diameter blades, is currently under construction and on schedule. The Group's strategy of building large scale wind farms in a phased manner, using the latest low wind speed turbine technology connected to the high voltage transmission grid, means it is able to deliver significant, predictable and profitable growth.



As previously announced, Greenko's performance remains in line with expectations. The early monsoon helped southern hydro and wind power generation, while northern hydro is running well, with good plant availability.



Commenting on the project, Anil Chalamalasetty, CEO of Greenko, said: "We are delighted to be commissioning Phase-1 ahead of schedule. Our first two wind farms refined our modular approach to wind farm construction, which is now delivering substantial and predictable growth. As a result, we should double our generating capacity this financial year to 600 MW and remain in line to hit our 2015 target of 1,000 MW."



-Ends-

RNS


RNS Number : 8784T

Greenko Group plc

26 November 2013














26 November 2013





Greenko Group plc

("Greenko" or "the Company")



Wind Farm Commissioned



Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce that its Matrix (15.0 MW) wind farm in Karnataka has been commissioned. This takes Greenko's total generating portfolio to 426 MW, a 43% increase since April 2013.



Matrix is the fourth wind farm Greenko has commissioned this year and the project was completed on schedule. The project will sell its power directly to a multi-national IT park near Bangalore, via an attractive 10-year indexed power purchase agreement and the total project cost approximately €13 million. It uses the well-proven Vensys V87 1.5 MW gearless turbine made by ReGen, which should in an average year deliver a 28% capacity factor.



The Matrix wind farm is co-located with Greenko's Basvanbagewadi project and shares its existing 180 MW grid connection. Basvanbagewadi Phase-1 (51.2 MW) is already operational and Phase-2 (50.0 MW) is currently under construction. The recently announced Mangalore (15.0 MW) wind project will also share the same grid connection and should be operational around the end of 2013. Phase-2 uses Gamesa's large G97 turbine and will sell its power via a state power purchase agreement, while the Mangalore project will use the same Vensys V87 1.5 MW turbine and sell its power via a bilateral power purchase agreement.



Commenting on the project, Anil Chalamalasetty, CEO of Greenko, said: "Our strategy of building large wind farms in a phased manner, using the latest low wind speed turbine technology and connecting to the high voltage transmission grid, means we can deliver significant, predictable and profitable growth. Matrix is our fourth wind farm this financial year. We expect to commission a further five wind farms before the 2014 monsoon, which would give us over 600 MW for next year's main generating season."





-Ends-

Greenko, the Indian developer, owner and operator of clean energy projects, will announce its Interim Results for the six months ending 30 September 2013 on Wednesday 4 December 2013

Half Yearly Report

RNS


RNS Number : 6205U

Greenko Group plc

04 December 2013
















4 December 2013





Greenko Group plc

("Greenko", "the Company" or "the Group")



Interim Results for the six months ended 30 September 2013 ("the period")



Greenko, the Indian developer, owner and operator of clean energy projects, today announces its interim results for the period ended 30 September 2013.



Financial Highlights

· Operational capacity grew 74.6% from 244 MW in March 2013 to 426 MW to date

· Revenue grew 32.4%, and adjusted1 EBITDA grew 67.0% in constant currency terms

· Reported1 EBITDA increased 49% to €24.6 million (2012: €16.5 million)

· Adjusted1 profit after tax increased 151% to €10.5 million (2012: €4.2 million)

· €117.9 million invested in new capacity



Operational Highlights

· Addition of 183 MW of operational wind capacity

· Mangalore Energy 15 MW wind farm added to the pipeline and brought into construction

· Approximately 608.6 MW of projects in construction and 1,337 MW in active development



1. Adjusted for the 2012 one-off non-cash 2008 LTIP charge to enable a like for like comparison with the current year.





Commenting on the results, Anil Chalamalasetty, CEO of Greenko, said: "Greenko's 75% growth in capacity to 426 MW this year is thanks to our structured development process that is focused on the predictable and profitable phased roll out of utility scale projects. As a result, we confidently expect to have well over 600 MW generating by the 2014 monsoon."





A presentation for analysts will be held at 09.30am this morning at Tavistock Communications, 131 Finsbury Pavement, London, EC2A 1NT. Please contact Matt Ridsdale or Mike Bartlett on 020 7920 3150 if you would like to attend.





-Ends-

A fair wind



Simon T of IC today -

It was difficult not to be impressed with the half-year results of Greenko

(GKO: 148p), the Indian developer, owner and operator of clean energy projects.

Reported revenues increased by almost a third to €27.9m (£23.19m) and adjusted cash profits jumped by half to €24.6m, buoyed by a near 75 per cent increase in operating capacity from 244MW to 426MW. The group invested €118m in operating capacity in the six-month period and expect a further ramp up in output in the second half to end March to take capacity to well over 600MW by the next monsoon season.

Moreover, with £100m of new funding in place following the investment in Greenko Mauritius by an affiliate of the government of Singapore Investment Corporation (SIC), one of the world's leading sovereign wealth funds, Greenko is now targeting 2,000MW of operating capacity in 2018, double the target for 2015. It’s realistic as Greenko has 608MW of projects under construction, and a further 1,337MW in active development, so is clearly making strong progress towards achieving that 2,000MW target.

Expect some positive newsflow on this front too. Analyst Adam Forsyth at broking house Arden Partners expects "the second half of the current year to be dominated by project completions with units at Mangalore, Basvanbagewadi and Balavenkatpuram all expected to commission before the financial year end adding 114MW." Furthermore, with the addition of further units at Basvanbagewadi and Balavenkatpuram in the spring, Mr Forsyth expects Greenko to have "at least 643MW in place before the start of the 2014 monsoon." In turn, earnings forecasts look well underpinned even after factoring a seasonal first half weighting to the numbers as wind and southern hydro projects benefit from the monsoon in that period.

Arden Partners currently forecasts that Greenko's revenues will rise from €36m to €50m in the financial year to March 2014 to boost adjusted operating profits from €16.3m to €29.6m. Revenues and profits are forecast to increase to €91m and €60.5m the year after. On that basis, EPS almost trebles from 5.4¢ in the 12 months to March 2013 to 15.4¢ in the 12 months to March 2015. This means that at current exchange rates Greenko shares are trading on only 11.5 times earnings estimates for the financial year to March 2015. And if Greenko can hit these targets over the next 15 months, as seems realistic given it has both funding and a development pipeline in place, then it is only reasonable to assume that the share price will start to reflect the upside that the SIC clearly sees in the revenue-generating potential of the power generation assets.

Mr Forsyth also points out that all of Greenko's renewable projects can achieve grid parity, the point at which they do not rely on state subsidies to turn a profit. In fact, due to the relatively high cost of coal in India, the cost of wind and hydro generation projects is below that of coal fired projects. In turn, this places the company in a far better position than other developers of renewable projects in other parts of the globe, not to mention an enviable position too.

True, Greenko shares have yet to hits the heights I expected when I initiated coverage when the price was 138.5p ('Buy signal flashing green', 18 Mar 2013). However, with capacity ramping up and driving up profits, the case to invest remains as strong as it was when I first highlighted the company’s potential.

MIDAS: Eco power revolution in India can bring you big profits

By Joanne Hart, Financial Mail On Sunday

PUBLISHED: 22:05, 7 December 2013 | UPDATED: 22:05, 7 December 2013


Diversity: Greenko owns wind farms and hydro-electric projects

The debate over energy prices has been heated in recent weeks. A slight reduction in bills has now been promised, but the essential dilemma remains – how can power be both affordable and good for the environment?


In India, the problem does not exist. There, green energy is invariably cheaper than coal and gas.


The situation presents a massive opportunity for Greenko Group, which specialises in renewable power across the subcontinent.


At 148p, the shares offer real growth potential over the next year and beyond.


Indian energy provision used to be heavily state-subsidised. Energy was cheap, but because the government could not afford to bankroll the industry, most people had power for only a couple of days a week.


That policy has been progressively dismantled. Subsidies have been withdrawn and in the past couple of years prices have soared by between 50 per cent and 100 per cent.


Farmers and the poor still receive state support but about 400 million people and virtually all Indian companies now pay market rates similar to those in the UK. Most are happy to accept these increases as a price worth paying for more reliable energy.


However, there is still an enormous power shortage. The country has to import coal and gas from places such as Australia and South Africa, prices are high and transportation is unwieldy.


Renewable energy is different. Locally produced, it is pretty straightforward and reliable once it is up and running. And the power is sold not on the basis that it is green but that it is well priced.


Greenko focuses on hydro power and wind, with an element of biomass energy, too. Its hydro plants are located in the north of India, supplied by melting snow from the Himalayas, and in the south of the country, where monsoons are particularly intense.


The group’s wind farms are dotted around the country, mainly close to monsoon areas as these bring strong winds as well as heavy rain. Biomass plants are in agricultural areas, turning rice husks, peanut shells and sugar canes into fuel.


Greenko was founded by Anil Chalamalasetty and Mahesh Kolli, who met while studying for a Masters of Business Administration at the University of Warwick.

The group joined AIM in 2007 and early days were tough. One wind farm in particular took longer than expected to build. Investors lost patience and the shares plummeted. But the group has overcome early hurdles and is growing rapidly. In September, Greenko was generating 360 megawatts of power. Today, this has risen to 426MW, enough to power 400,000 homes. The figure is expected to increase to 1,000MW by 2015 and 2,000MW in 2018.


Most of the increase in supply will come from the expansion of existing sites. Planning permission has been granted, the infrastructure is in place and there are unlikely to be any nasty surprises.


Evidence of changing attitudes towards the company began to emerge this year when Singapore, which runs one of the world’s largest wealth funds, invested £100 million in Greenko. The investment was not part of an effort to be green. Instead, Singapore feels Greenko offers long-term, low-risk returns.


The group’s chairman is Keith Henry, who has spent 35 years in the energy sector. His time as chief executive of National Power in the 1990s was mixed but he successfully chaired oil group Burren Energy until it was sold for £1.74 billion in 2007 and he is widely seen as a very experienced pair of hands.


Other directors include John Rennocks, former finance chief at PowerGen and British Steel, and Vin Murria, who runs Advanced Computer Software, a fruitful Midas tip.


The group sells its energy to a mix of state-owned Indian utilities and the private sector, including an international IT park with big names such as Accenture and IBM.


Last week, Greenko unveiled half-year profits up 151 per cent to £8.7 million for the six months to September 30.


Brokers expect full-year profits of £12.4 million to March 2014, surging to £33 million in 2015.


So far, the company has not paid dividends but Chalamalasetty and Kolli are keen to change that, not least because they are 14 per cent shareholders themselves.


Midas verdict: Some investors are reluctant to put their money into Indian stocks, considering them too risky. Greenko should prove an exception to the rule. The group has a well-planned strategy for growth, there is enormous demand for power and the shares should respond. Buy.

Had a few bob on these this morning my first new buy for about a month. Already in profit.

Breakout plus technicals look bullish......

Buy shares in Greenko Group, the Mail on Sunday's Midas column recommended. The renewable energy company has a massive opportunity to supply power to India, where green energy is cheaper than coal and gas. The country has a big fuel shortage and has to import fuels. Greenko's wind farms and biomass plants can fill the gap. After some bumpy early days on AIM from 2007, sentiment on Greenko has strengthened and Singapore has invested £100m in the company. At 148p, the shares offer growth potential in the next year and beyond.

From a technical point of view for
the chartists among us an interesting
chart breakout.

Interesting to see broker Singer have a
prospective P/E of only 11.4 to 2015 (176% EPS growth)
and a PEG of .06

NAV figure per share looks interesting aswel.

Looks very cheap to me and plenty of potential.

Greenko Group PLC

FORECASTS

Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
N+1 Singer [R]
06-12-13 BUY 10.15 4.39


2015
Pre-tax (£) EPS (p) DPS (p)
Consensus 34.31 12.94 0.00


GROWTH
2015 (E)
Norm. EPS 176.82%
DPS %

INVESTMENT RATIOS
2015 (E)
EBITDA £73.44m
EBIT £m
Dividend Yield %
Dividend Cover x
PER 11.44x
PEG 0.06f

Net Asset Value 2014 132.43p p

hemscott.

Sunday Midas tip has given rise to the rise today.

Indeed indeed. No longer a subs site is it. Used to be DC.

golfinger, look forward to any share I own being a midas tip on a Sunday morning. :-))

LOL, yep I already knew that..... he he.

Hope you like my new thread below. You could have done with that a few weeks back.

It will get noticed, like it should.

Simon T of IC maintains his 200p target price.

14 Jan Investec 275.00 Buy

Wind Farm Commissioned

RNS


RNS Number : 7330Y

Greenko Group plc

29 January 2014














29 January 2014





Greenko Group plc

("Greenko" or "the Company")



Wind Farm Commissioned



Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce that Phase-2 (50.0 MW) of its Balavenkatpuram wind farm has been commissioned. This takes Greenko's total generating portfolio to 476 MW, a 54% increase since April 2013.



Balavenkatpuram Phase-2 is the fifth wind farm Greenko has commissioned this financial year and brings the Company's total wind power capacity to 233.0 MW. Phase-2 was completed ahead of schedule and should ramp up to its full power curve in the coming weeks. The total cost for Phase-2 was approximately €43 million using Gamesa's G97 turbine, which has a 90m hub height, 97m diameter blades and the potential to deliver a better than 30% capacity factor in an average year. Phase-2 has a 25-year power purchase agreement with the state of Andhra Pradesh and benefits from the Generation Based Incentive.



The grid connection for the site's full capacity of 200 MW was completed in October 2013, ahead of Phase-1's commissioning. Balavenkatpuram Phase-3 (50.0 MW) is already under construction and on track for commissioning ahead of the main generating season, which begins with the monsoon in July.





Commenting on the project, Anil Chalamalasetty, CEO of Greenko, said: "We are delighted to have commissioned another wind project ahead of schedule. The Company's strategy of building large wind farms in a phased manner, using the latest low wind speed turbine technology connected to the high voltage transmission grid, means Greenko is increasingly well placed to deliver significant, predictable and profitable growth. We expect to more than double our generating capacity this financial year to 600 MW and are firmly on track to meet our 2015 target of 1,000 MW."





-Ends-

29 Jan Investec 275.00 Buy

70 MW Hydropower Acquisition

RNS


RNS Number : 1902Z

Greenko Group plc

04 February 2014














4 February 2014





Greenko Group plc

("Greenko" or "the Company")



70 MW Hydropower Acquisition



Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce it has agreed to acquire the Budhil 70 MW run-of-river hydropower plant in the Chamba district of Himachal Pradesh, near Greenko's existing assets. This will bring Greenko's total operating hydropower portfolio to 245 MW and its total generating portfolio to 546 MW - a 77% increase in total capacity since the start of the current financial year.



Greenko is acquiring Budhil from Lanco Hydro. The total value of the acquired assets is approximately €77 million, funded in-line with the Company's current portfolio from project finance debt and internal resources. The plant is fully built and is completing its stabilisation phase, with power sold through an open market PPA. On average the project is expected to have a plant load factor (PLF) of 57% and deliver an average of approximately €14 million of EBITDA over the long term, based on current exchange rates. Once final pro-forma approvals are received from the State and the banks, Greenko expects to recognise revenue from Budhil at the start of its 2014-15 financial year.



Following the acquisition, Greenko will have 12 run-of-river hydropower projects operating in its Himachal Pradesh cluster, totalling 141 MW. As a whole, these projects have a strong hydrology profile due to their position at the base of the Himalayan Mountains, with diverse water catchment sources including snow melt, rainfall and glacier melt. In a normal hydrology year, the total Himachal portfolio should have a PLF of over 60%.



Greenko also has outline agreement to acquire two additional projects, IKU-2 (5 MW) and Baner-3 (5 MW) in the Kangra district of Himachal Pradesh, from Lanco Hydro. This transaction is expected to complete later this year and further details will be announced at that time.



A further four wind farms, totalling 151 MW, are expected to be commissioned by the start of 2014's main generating season, which begins with the monsoon in July. Greenko's total portfolio of 2,000 MW is in advanced development and the Company remains on track to have the first 1,000 MW operational during 2015.





Commenting on the acquisition, Anil Chalamalasetty, CEO of Greenko, said: "This is an attractive deal for our shareholders, as it is immediately earnings accretive and offers strong returns. This acquisition, combined with the wind farms we expect to commission in the coming months, will take us to over 700 MW by the start of the 2014 monsoon, compared to 244 MW a year before. Our strategy is focussed on creating a diversified hydropower and wind portfolio for India's high demand power market, supported by strong execution and the reliable roll-out of high yield assets to accelerate the growth in shareholder value."



-Ends-

Mangalore Wind Farm Commissioned

RNS


RNS Number : 6279B

Greenko Group plc

06 March 2014














6 March 2013





Greenko Group plc

("Greenko" or "the Company")



Mangalore Wind Farm Commissioned



Greenko, the Indian developer, owner and operator of clean energy projects, is pleased to announce that its Mangalore (15.0 MW) wind farm in Karnataka has been commissioned. This takes Greenko's total generating portfolio to 561 MW, an 81.6% increase since April 2013.



Mangalore is the sixth wind farm Greenko has commissioned this year and the project was completed on schedule. The project is selling its power directly to a commercial customer in Bangalore, via an attractive 10-year indexed power purchase agreement and the total project cost approximately €13 million. It uses the well-proven Vensys V87 1.5 MW gearless turbine made by ReGen, which should in an average year deliver a 28% capacity factor.



The Mangalore wind farm is co-located with Greenko's Basvanbagewadi (151.2 MW) and Matrix (15.0 MW) wind farms and shares their existing 180 MW grid connection. Basvanbagewadi Phase-1 (51.2 MW) and Matrix are both operational.



Commenting on the project, Anil Chalamalasetty, CEO of Greenko, said: "Our strategy of building large wind farms in a phased manner, using the latest low wind speed turbine technology and connecting to the high voltage transmission grid, means we can deliver significant, predictable and profitable growth. Mangalore is the sixth wind farm we have commissioned this financial year and we expect to commission a further three wind farms before July's monsoon. This should give us almost 700 MW for our 2014-15 financial year's main generating season - a 125% increase on the previous year."

Trading Statement

RNS


RNS Number : 6971E

Greenko Group plc

14 April 2014










14 April 2014





Greenko Group plc

("Greenko" or "the Company")



Trading Update



Greenko, the Indian developer, owner and operator of clean energy projects, today provides a trading update for its 2013-14 financial year, covering the period 1st April 2013 to 31st March 2014:



· Trading in-line with expectations

· Generation increased 17% to 1,050 GWh, compared to the previous year

· Installed capacity increased from 309 MW in April 2013 to 561 MW

· 182.4 MW of new wind capacity commissioned in the second half of the year

· Acquisition of Budhil hydro (70 MW) in Himachal Pradesh due to complete shortly

· On track to commission over 130 MW of further wind capacity before the 2014 wind season



Operational projects

Overall performance was in line with expectations. The early monsoon helped southern hydro generation increase by 43%, and the wind assets delivered a strong performance. Northern hydro did reasonably well despite an extended winter and limited snowmelt in the initial part of the year. The biomass assets continue to underperform, due to issues around fuel supply, price and availability.



Generation increased 17% in the period, to 1,050 GWh. This growth, along with a better generation mix should result in revenue growth of over 50% and EBIDTA growth of approximately 70%, compared to the previous year, on a constant currency basis.



Projects under construction

Greenko remains on track for its operational portfolio to exceed 1,000 MW in 2015, with all the projects under construction and fully financed. The construction portfolio is on time and on budget.



· Ratnagiri Wind (101.6 MW - Maharashtra).

o Phase-1 (65.6 MW) was successfully commissioned at the start of the period and operated in line with expectations.

o Phase-2 (36.0 MW) is under construction with all the turbines on site. The grid connection and sub-station for the entire site were completed during Phase-1 and the full capacity remains on track for commissioning by the 2014 wind season.



· Basvanbagewadi Wind (181.2 MW - Karnataka).

Total export capacity at the Basvanbagewadi site was increased from 158 MW to 180 MW:

o Phase-1 (51.2 MW) was successfully commissioned and is generating power.

o Mangalore (15.0 MW) and Matrix (15.0 MW) are separate projects within the overall Basvanbagewadi footprint and use the same grid connection. Both were successfully commissioned and are selling power via long-term independent bilateral contracts with commercial off-takers.

o Phase-2 (50.0 MW) is nearing completion, with all of its Gamesa G97-2.0 MW turbines on site, and commissioning due before the 2014 wind season.

o Phase-3 (50.0 MW) land acquisition is in progress and the Gamesa turbines are due on site next month.



· Balavenkatpuram Wind Farm (200 MW - Andhra Pradesh).

o Phase-1+2 (101.2 MW) use the enhanced GE 1.6 XLE turbine and the Gamesa G97 turbine. Both phases have been commissioned and are generating power.

o Phase-3 (50 MW) is at an advanced stage, with all 25 Gamesa G97 turbines on site. The grid connection and sub-station for the entire site were completed during Phase-1 and Phase-3 remains on track for commissioning before 2014's wind season.



· Tanot Wind Farm (120 MW - Rajasthan).

o Phase-1 (60 MW) delivery of the Gamesa G97 turbines is due at the end of the 2014 monsoon, with commissioning by the end of 2014.

o Phase-2 (60 MW) land acquisition is complete and construction is expected to roll straight on from Phase-1, with Phase-2 commissioning before 2015's wind season.



· Dikchu Hydropower(96.0 MW - Sikkim).

Over 70% of the project's civil works are completed, including a substantial part of the powerhouse. The majority of the electro-mechanical components are on site and their installation is over 75% complete. Delays due to abnormal weather conditions earlier in the year have not significantly affected the schedule and the project remains on track to commence operations at the start of the 2015 generating season.



· Additional Hydropower(92.6 MW - Karnataka and Himachal Pradesh).

Five smaller projects are under construction and remain on schedule for commissioning in late 2014 and 2015.



Outlook

The backdrop for renewable energy in India remains positive, as conventional power assets struggle to supply power to the grid, due to fuel supply and off-take price issues. Greenko's wind and hydro portfolio can now profitably supply power below the price of conventional generation in many States. With approaching 700 MW expected to be operational by the financial year 2014-15 generating season, the Company expects another year of significant growth.



Anil Chalamalasetty, CEO of Greenko, said:

"Our portfolio approach continues to pay off, with good results. In the year, we added 182.4 MW of new wind capacity and are well on track to add a further 136 MW before the 2014 wind season, and projects are already under construction for a further 250 MW for the coming year. Given that equipment orders for our 2015 target of 1,000 MW are in place, with costs fixed in Rupees and an Indian energy market becoming increasingly favourable for hydro and wind power, we are very optimistic about the coming year's financial performance."



-Ends-

Final Results

RNS


RNS Number : 0068K

Greenko Group plc

19 June 2014














19 June 2014



Greenko Group plc

("Greenko", "the Company" or "the Group")



Preliminary Results for the year ended 31 March 2014



Greenko, the Indian developer, owner and operator of clean energy projects, today announces its preliminary results for the 12 months ended 31 March 2014 ("the period").



Financial Highlights

· Revenue grew 59.5% and adjusted1 EBITDA grew 90.5% in constant currency terms

· Reported Revenue grew 38.2% to €53.0 million (2013: €38.3 million)

· Reported EBITDA increased 65.9% to €40.9 million (2013: €24.6 million)

· Reported profit after tax increased 55.0% to €9.3 million (2013: €6.0 million)

· Earnings per share increased 53.0% to 4.50 Euro Cents (2013: 2.94 Euro Cents)

· €208.9 million invested in new capacity



Operational Highlights

· Power assets grew 27% to €658.4 million (2013: €516.7 million)

· Operational capacity more than doubled (+170.9%) from 244 MW in March 2013 to 661 MW to date

· Power generation grew 21% to 1,072 GwH (2013: 886 GwH)

· Total of 348 MW of operational wind capacity ready for the 2014 season

· Hydro acquisition of 70 MW Budhil hydro Project being completed by 23, June 2014, taking hydro operational capacity to 235.6 MW

· Approximately 423 MW of projects in construction and 1,240 MW in active development



Post year end

· Additional 100 MW of new wind assets commissioned



1. Adjusted for the one-off non-cash 2008 LTIP charge in order to enable a like for like comparison with the current year, but including IFRS Fair value.



Commenting on the results, Anil Chalamalasetty, CEO of Greenko, said: "We have more than doubled our capacity to 661 MW this year to date, due to our structured development process which is focused on the predictable and profitable phased roll out of utility scale wind and hydro projects. As a result, we confidently expect to have well over 680 MW generating by the 2014 monsoon."



He continued: "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. The drivers which underpin the demand for power in our market are only getting stronger and we remain extremely well placed to grow our asset base and secure predictable, sustainable revenue streams at attractive margins. Against this backdrop, we remain focused on commissioning new projects, building on our now substantial base, and look to the year ahead with confidence. Importantly, we remain on track to reach our 1,000 MW target in 2015."





-Ends-

19 Jun Investec 275.00 Buy

Aim-listed company increases profits by 70pc

India-focused wind power group Greenko has ambitious expansion plans and if it continues to deliver then the shares are worth a closer look, says Questor

Revenue increased by 38pc to €53m (£42m) and pre-tax profits jumped by 70pc to €13.5m for the year ended March 31

Mr Albert said that he would be happy for wind turbines to be built on National Trust land Photo: REX FEATURE



By John Ficenec, Questor editor

6:00AM BST 21 Jun 2014


Questor says: BUY


AN AIM-listed India-focused wind power company that is listed in London but reports in euros would understandably not be everyone’s investment cup of tea.


However, soaring revenue and a sharp increase in profits, which could have further to go under an ambitious expansion plan, make shares in Greenko worth a second look.


Revenue increased by 38pc to €53m (£42m) and pre-tax profits jumped by 70pc to €13.5m for the year ended March 31, Greenko revealed last week. The driving force behind the increase was a more than doubling in the power-producing capacity from its Indian wind farms. Greenko said that capacity increased from 244 megawatts (MW), to 661 MW by the end of March.


The company has ambitious expansion plans to increase capacity to 1,000 MW in 2015 and up to 2,000 MW by 2015.

The company most recently commissioned an additional 50MW of new capacity last week.

“We are very pleased to have commissioned further wind projects on schedule, and we remain on target to reach roughly 700 MW of total operating capacity across our entire portfolio ahead of this year’s wind and monsoon season (July),” said Anil Chalamalasetty, the chief executive.

The shares currently trade on a forecast price earnings ratio of 18.1 times, but with the rapid growth that falls to 14.6 times next year.

House broker Investec has a bullish 275p price target based on successful wind farm growth.

India has serious structural power shortage problems and that should help underpin this growth. High risk this one, but a speculative buy.

HYDERABAD, DEC 24:
A team of officials from renewable energy company Greenko met with Telangana Chief Minister K Chandrasekhar Rao and expressed their interest in setting up 800 MW capacity by 2018.

According to a statement from the Chief Minister’s Office, the Greenko team requested the State Chief Minister to facilitate in getting the necessary land for the proposed renewable energy projects in the state.

During the meeting, the Chief Minister said that the Government was keen to add fresh capacity both thermal and in the renewable energy sector to bridge the demand supply mismatch and gradually make the State power surplus.

Referring to the recent invitation for companies to set up solar parks in the state, he said that these parks when completed would be able to provide additional power during the day time which could be used for the farm sector requirements.

He said if necessary another round of tenders would be called for inviting expression of interest to develop solar project in the State.

The Chief Minister also wanted to explore the potential of setting up wind energy farms in the rural parts of the State as these could be useful for energy short villages.

S T of IC today -Greenko sell off unwarranted

Shares in Greenko




(GKO: 123.5p), the Indian developer, owner and operator of clean energy projects, have fallen 10 per cent since I last updated the investment case a couple of months ago (‘Energising growth’, 8 December 2014) and are now below the 138p level at which I initiated coverage ('Buy signal flashing green', 18 March 2013).

I have been scratching my head to ascertain why this has happened, but yesterday a plausible reason came to light when over 2m shares in the company passed through the market in block trades and quite possibly cleared a stock overhang. The fact that the shares have ticked up post those deals being executed would suggest this is a credible explanation for the underperformance.

In my view, the derating in the past two months is wholly unwarranted especially as last week’s pre-close trading update confirmed that the company is trading inline with analysts’ earnings estimates. Operationally, Greenko is progressing well with power generation up by 83 per cent to 1,565 GWh compared to the same nine month period in 2013, and 46 per cent ahead when compared to the previous twelve months. The wind portfolio contributed 660 GWh of this, with 640 GWh coming from the hydro portfolio.

Importantly, Greenko remains on track for its operational portfolio to exceed 1,000 MW this year, with all projects currently under construction being fully financed and within budget. Installed capacity increased by 154 MW to 715 MW in the nine-months to end December 2014, with all of the increase coming from new wind capacity commissioned. And the backdrop for renewable energy in India remains favourable, as conventional power assets struggle to supply power to the grid due to fuel supply and off-take price issues. Greenko's wind and hydro portfolios are able to profitably supply power to compete with conventional generation in many states of the country. Indeed, analyst Adam Forsyth at Arden Partners expects Greenko to report revenues of $97m for the nine months to end December 2014, adjusted pre-tax profits of $30m (up from $17.8m for the 12 months to end March 2014) and EPS of 10.1¢ (6.7p).

And with output being significantly ramped up, Mr Forsyth expects revenues to surge to $185m in calendar 2015 to generate adjusted pre-tax profits of $61.1m and EPS of 22.4¢ (14.9p). On this basis, the shares are priced on only 8 times 2015 earnings estimates. There is a realistic prospect of an income stream for investors too as the board plan to declare an inaugural dividend in next month’s financial results. Mr Forsyth predicts a first payout of 2.5¢ a share (1.6p) “with more substantial payouts going forward”.

True, the company is carrying high levels of debt: analysts predict net borrowings are currently around $723m, and this is expected to rise to $961m by the end of 2015. However, the company’s balance sheet is well funded following successful refinancing last year including a $550m (£367m) five-year bond issued on the Singapore Stock Exchange and a US$125m (£83m) six-year credit line from EIG Global Energy Partners. Moreover, net debt of close to $1bn at the end of this year equated to only eight times forecast operating profit, so debt service is hardly an issue.

No matter which way I look at this, I strongly feel that the shares are woefully undervalued offering almost 100 per cent upside to my target price in the range 225p to 230p. I also feel that investors are likely to warm to the investment case following the release of next month’s bumper full-year results. And with the share price decline halted by the upbeat trading statement, and a potential overhang cleared, the odds favour buying now in anticipation of a likely share price recovery driven by those financial results. Buy.

In for a strong recovery bounce.

Stmnt re Share Price Movement
RNS
RNS Number : 9893Q
Greenko Group plc
23 June 2015



23 June 2015

Greenko Group PLC

("Greenko" or "the Company")


Statement re Share Price Movement


The Board of Greenko, the Indian developer, owner and operator of clean energy projects, notes the recent movement in its share price. Global Environment Emerging Markets Fund III LP ("GEEMF") and Cambourne Investment Private Limited, the affiliate of the Government of Singapore Investment Corporation Pte Ltd ("GIC") hold shares in Greenko Mauritius which are capable of being exchanged for shares in the Company with effect from 1 July 2015.



The Company is in discussions to find a solution at a subsidiary level which supports all stakeholders and the business.



Further announcements will be made in due course.



-Ends-

What on earth is going on here?
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on edit down 97%

Looks a bit complicated....."disapplication of pre-emption rights for up to 10 per cent. of the existing issued share capital of the Company" plus a return of capital to shareholders. Looks like a re-organisation of the company rather than a stock crash.

Where did you find that HARRYCAT?
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Company RNS re AGM + EGM dated 18th DEC 2015.
I confess I haven't studied the docs as this Co isn't on my radar.

Thanks again HARRYCAT, they are delisting from AIM later this month.
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