Greenko Group Plc (previously Greenko SA), a Hyderabad-based clean energy firm, is set to acquire 20.25 MW hydro power assets from Hemavathy Power & Light Pvt Ltd. The company will also acquire licences for developing another 100 MW of hydro projects from Hemavathy.
Greenko plans to fund the acquisition, which is estimated at around Rs 155 crore, through a mix of debt and cash, said a company statement. It plans to fund around 70% of the transaction through debt, while the remaining 30% through equity it raised from the Global Environmental Fund in November 2009. The Group has arranged debt with Yes Bank, and the acquisition is due to complete in the next two to three weeks.
The 20.25 MW operating assets are located at multiple locations that comprise two plants of 5 MW capacity each in the Chamba and Kangra districts in Himachal Pradesh, while another plant having 10.25 MW capacity on the Arkavati River in Karnataka, added the statement.
Greenko says, the acquisition is part of company’s plan to achieve the proposed 1,000 MW installed capacity by 2015. It expects the acquisitions will increase its secured power generation capacity to 470 MW annually, from 350 MW now.
Greenko, which has also acquired licenses of developing 100 MW of hydro projects, plans to develop it in a cluster of 25 MW run-of-river hydro projects on the Cauveri River in Karnataka. The total project cost is estimated at around Rs 584 crore, and will be completed in the next three years.
The company currently has 101 MW of capacity of clean energy assets including six biomass and three hydro plants and 250 MW of concessions under development. It is focused on developing a portfolio of biomass, hydro electric and wind assets within India and intends to increase the installed capacity through acquisition of completed projects and developing new greenfield assets.
