Epilogue From the President & JMD

Dear Stakeholders,

‘Climate change’ is real. We are witnessing more frequent ‘extreme weather events’ across the globe. There is a concern all around. The challenge is to act coherently to mitigate and adapt to climate change while ‘powering’ billions to access fruits of development. Fortunately, solutions are available and feasible. Convergence of technological advances and social and economic changes - electrification, decarbonization, digitalization and decentralization - can successfully address the challenge of decarbonization and powering the developmental challenges.

The Fourth Industrial Revolution – a convergence of digital and multiple technologies lead to unprecedented paradigm shifts in the economy, business, society, and individuals. The electricity landscape too is, undergoing transformation, becoming more complex than ever before, with rapidly evolving technologies, emerging innovative business models and shifting regulatory landscapes.

As the cost of renewables is coming down, in many countries including India, the tipping point where the cost of generation of renewable power is the same as that of new coal-based power plants, has been reached. As the economic growth picks up, the ramping up of renewables in India will accelerate. But the new coal is still needed if the schedulability of renewable power is not achieved. Hence, for deeper decarbonization of the energy sector and to address climate goals to limit temperature rise to 1.5 degrees, schedulable renewables is an imperative for India and many other developing countries. Many policy initiatives to incentivize such new value pools in the energy system are being envisaged. Further, the possibility of coal demand flattening by 2030; oil and gas by 2035; clean electricity being the dominant form and now available to all at all places and times, sustainable development seems a possibility.

Greenko, from its inception, has been addressing the challenge of powering sustainable development- the scale and extent have changed as it progressed. The size and scale of Greenko, its expertise and access, makes it possible to address the challenge of powering India’s growth with clean, reliable and affordable electricity. We are already witnessing that technology changes have made delivery of firm renewable power, in response to demand, has become feasible. Technology can render regulatory clutch irrelevant and cost and scale barriers can be overcome to mainstream renewable energy to other energy end uses. This trend will continue irreversibly and of course, the renewable energy systems and business models would have to transform.

Investors across the globe are excited about the possibility of convergence of trends that could enable India to provide clean, reliable and affordable electricity to power growth and drive deeper decarbonization. Greenko team and its partner ecosystem have geared up to address the new challenges of constructing and operating Integrated Renewable Energy Projects and Intelligent Energy Platform. The policymakers and regulators have recognized the opportunity and are calibrating the systems to incentivize #NewEnergyforNewIndia.

While we are determined to be steadfast in our pursuit of generating and distributing value, we recognize the salience of partnership, as also your views.

Mahesh Kolli
President & Joint Managing Director