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Value Creation - Greenko way

Creating and Sharing Value

Epilogue From President & JMD

Download Full IR 2018-19


In the pursuit of its vision and mission, Greenko taps diverse sources of capital and pursues both organic and inorganic growth to continue to be amongst the top 3 power utilities in India. Different functions contribute to improve debt capacity and access to capital. The organization is aligned and in readiness to adopt to organic and inorganic growth.

Going forward, Greenko would harness patient and responsible capital to actualise the possibility of clean, relaible and affordable energy in India.


Strategic Approach

Commitment to integrity and transparency is the cornerstone of the continuing trust enjoyed by Greenko. In the pursuit of its vision and mission, Greenko taps diverse sources of capital and pursue both organic and inorganic growth to continue to be amongst the top 3 power utilities in India.

Availability of financial capital at right cost and time is critical in the pursuit of Greenko’s vision and mission. Every function and business understands the concerns and expectations of capital providers. Greenko’s diligent evaluation and assessment of opportunities, partnerships and acquisitions; and risk identification, control and provisioning for residual risk illustrate our strategic approach to reinforce financial capital


Journey so far

Greenko has performed well on all the strategic approaches to reinforce financial capital and this is helping Greenko progress towards its ambitious goal of reaching 10GW of installed generation capacity. This will enable Greenko to offer sustained and attractive returns to shareholders and other stakeholders.

As would be evident from the performance figures given below, Greenko has maintained a good credit rating thereby remaining attractive to potential investors. It has been able to tap diverse sources of funds and has positioned itself in the top three of the renewable energy generators in India.

Greenko has a well-diversified source of revenue – diversified renewable generation technologies and diversified PPA structures, including (i) Feed-in tariffs, (ii) APPC Tariffs and (iii) Third-party direct sales.

The different generation technologies give peak generation in different seasons across the year. The diversity of PPAs and the types of customers served helps in reduction of the regulatory and payment risks and ensure continuous cash flow for the operational projects. Further, due to the different capital avenues that Greenko accesses, it is able to raise finance at competitive terms.

Moody upgraded Greenko Dutch to Ba1 and assigned for the first time Ba1 to notes issued by Greenko Solar. Similarly, Fitch Rated Greenko Solar (Mauritius)’s Proposed USD Notes First-Time, BB-(EXP)

Greenko’s green bonds are oversubscribed with bond prices 5.1% with 5 and 7 year maturities. Goldman, Blackrock, Fidelity and Manulife are amongst the investors. The proceeds would be used to refinance the debt inherited from acquisitions.


Moving Ahead

Greenko would build upon stakeholder trust to pursue opportunities in the energy sector in India and make it possible to generate clean, reliable and affordable power. Besides, clean and schedulable electricity will be the new energy as the demand for oil and gas in India will flatten off much earlier to 2035. Greenko believes that investors across the globe would harness the opportunity to address deep decarbonisation and digitalisation of energy sector in India. Greenko would continue to (i) tap these diverse sources of responsible and patient capital and (ii) strengthen governance including risk management at all levels