It is my great pleasure to present to you, the performance of Greenko contributing to financial and non-financial value creation for its entire stakeholder community.
Greenko is widely respected for its adherence to values and its pursuit towards building a responsible and sustainable business model focused on the empowerment of people, preservation of the environment and inclusive economic development. Further, Greenko would advance and extend this business philosophy - “To lead Decarbonization, Digitalization and Decentralization of India’s Energy Sector”. Greenko believes that the pursuit of its vision would make it possible to provide, clean, reliable and affordable power, which will drive prosperity for people and the planet.
In India, the energy sector is stressed with a high cost of coal and gas-based power generation, decelerated electricity demand growth, difficulties of early and exuberant business models of RE and the well-known challenge of weak financial position of state-owned distribution utilities. It is a testimony for Greenko and the wise moves of its leadership that it is not in the trap that some of the sector is in. Over the last few years, Greenko while continuing to operate its existing assets efficiently and effectively is preparing tirelessly for a transition to generate schedulable electricity at utility-scale to power economic growth in India.
Greenko believes that adherence to Values has been and will continue to be the foundation on which Greenko's edifice has been and will continue to be built. This unwavering commitment to values and successful transitions in the business model in the face of disruptions in the environment is the reason for the continued stakeholders trust in Greenko. We are fortunate to also have the support of GIC, our main shareholder, who views ESG (Environmental, Social, and Governance) factors as central to its core tenets as a long-term investor. GIC believes that companies with good sustainability practices are likely to perform well financially in the long term.
According to the strategy established for the transition in line with our actions in recent years, Greenko is going to undertake a major investment plan with a focus on integrated renewable energy projects combined with intelligent energy platforms to provide innovative real-time solutions for the significant growth of our customers. The regulations are in transit and a favorable ecosystem is still evolving to support the IoT movement, but Greenko being a leader in the industry is actively engaging with all stakeholders, participating in advocacy to boost the movement further. We are encouraged to find that regulators and policymakers appreciate our solutions to address the challenges that provide clean, reliable and affordable energy to power sustainable growth of India.
During 2018-19, we have added new expertise to the Board, made it more diverse. The board committees, audit, remuneration and others, have been very active and guided the management in facing the new challenges during business transformation. The board has ensured that the management plans for transitioning to Greenko 3.0 are robust and practical, and will deliver shareholder value. The risks are diligently identified and mitigated to a large extent and the provisions are made for residual ones.
In this report, we have outlined our value creation process and how it is transforming to harness new value pools to deliver clean, reliable and affordable energy to power sustainable growth of India. We will be keen to listen to our stakeholders - concerns and suggestions.