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ABOUT THE REPORT

LEADERSHIP SPEAKS

FY 2019-20 PERFORMANCE SNAPSHOTS

GREENKO TODAY

Balancing Value – Governance Framework

Framework for
Sustainable value

Performance-Based
Value Creation

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Chairman’s Message

unwavering commitment to values in the evolution of Greenko’s business activities and its business model has been a source of continued stakeholder trust in Greenko.

Dear Stakeholders,

This has been a year when a variety of events - the pandemic, global warming, destruction of ecosystems, collapse of the economy across large parts of the globe, the stress on the quality of life - have all brought to fore questions around sustainability of the planet, a different, wiser way of living, and through it all, the resilience and the relevance of renewable energy systems. India has had a fair share of all these. In response, policies have been formulated and India has largely shifted its focus towards the rapid facilitation and growth of its renewable power sector.

Transitioning to Intelligent Energy Platforms

Greenko has been a votary of these, since inception, and has provided constructive inputs and thought leadership to both regulators and policymakers. It facilitated a smoother and faster turn in this direction; from passive acceptance to active participation. Greenko’s business philosophy has been to lead ‘Decarbonization, Digitalization, and Decentralization’ of India’s Energy Sector. Towards this end, Greenko has moved from being a pure play renewable energy producer to using grid scale energy storage systems to address the challenges of delivering Renewable Power, on-demand, through a balanced combination of Intelligent Energy Platforms and Pumped Storage Systems. This will not only lead to decarbonization of the electric power system, but also provide long term energy security for economic stability. And even as we ponder on these, Greenko is already looking at adjacencies such as batteries, green hydrogen plants, and integrated delivery systems.

Environment Social and Governance focus

One constant at Greenko has been its adherence to a code of conduct and foundational values on which Greenko’s edifice has been built. This unwavering commitment to values in the evolution of Greenko’s business activities and its business model has been a source of continued stakeholder trust in Greenko. Our main shareholders, GIC and ADIA, both view Environmental, Social, and Governance (ESG) factors, as central to their core tenets and believe that companies with innovative and creative mindset and good sustainability practices are more likely to perform well on multiple parameters in the long term. The company has augmented its ESG risk management by assessing and addressing climate risks, this year.

Greenko’s business philosophy has been to lead ‘Decarbonization, Digitalization, and Decentralization’ of India’s Energy Sector.

Good Governance

During 2019-20, the Board and its committees have been active in guiding the management to face the new challenges of growth and transformation. Mutual respect, trust, and candor characterized the functioning of the board. The Board has deliberated extensively on the company’s transformational strategy and reviewed its deployment from time to time. As the company is treading into innovative technologies, novel partnerships, and new markets, the risks are diligently identified, mitigated and provisions are made for residual risks.

During the pandemic, the company has taken proactive and very early steps and has been able to generate electricity without any interruption. In addition, the company has also extended medical and financial support to the community and worked closely with the public health authorities.

In this report, Greenko’s value creation story is delineated. The company’s transition to deliver schedulable renewable electricity to power sustainable growth of India is described. The company will be keen to listen to stakeholders’ concerns and suggestions.

Om Prakash Bhatt

Chairman

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