Greenko Group PLC (LON:GKO), the Indian developer, owner and operator of clean energy projects, said it has entered into an agreement to acquire Hemavathi Power & Light Pvt Ltd (HPL) which operates a 24 MegaWatt run-of-river hydro asset on the Hemavathi river in the state of Karnataka.
Greenko is paying €26 million, including net debt and liabilities. Of this, €18.4 million will be satisfied by new debt finance from L&T Finance and the balance by a combination of cash and, at the option of the vendor, Greenko shares.
The asset has a consistent track record of above-normal energy generation for the region and will provide an ability to participate in the Indian energy open markets in the near future. The acquisition will increase the secured capacity of Greenko from 587MW to 611MW and its operating capacity from 159MW to 183MW.
“The directors believe that Greenko is well positioned and making good progress on implementation projects with a strong pipeline of potential new projects at various stages. The recent capacity additions are in line with the company's target of reaching 1000MW of installed capacity by 2015,” the group said.
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