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/

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-