Balancing Value – Governance Framework

Framework for
Sustainable value

Value Creation


Financial Capital

In the pursuit of its vision and mission, Greenko will have to tap diverse sources of capital, including green/climate/social bonds, and pursue both organic and inorganic growth to continue to be amongst the top 3 power utilities in India. The structure of Greenko is such that funds flow seamlessly to a designated objective. Further, the risk management framework of Greenko addresses long term strategic risks including those that arise at the end of life of the assets or the impending climate change due to global warming. Thus, the trust of shareholders and investors is reinforced and Greenko attracts diverse sources of capital, especially the impact and patient capital.

Strategic Direction: Preserve and Enhance Value for Shareholders

During the reporting period, significant financial capital was raised for both equity and debt. The green bonds raised the debt and the existing shareholders infused additional equity. The financial capital, as always, was seamlessly deployed for designated objectives and the achievement of these objectives will be monitored as the project progresses.

Operational Capital

The energy sector across the globe is experiencing disruptions due to the demands of decarbonization and decentralization and opportunities offered by digitalization. These developments are impacting the sector in India, which is already besotted with institutional and financial challenges. Greenko is rightly placed to harness opportunities presented by these developments and by the increasing need for flexible and firm RE. For harnessing some opportunities marginal improvements may be required and for other improvements, large and complex projects and ecosystem interventions may be necessary. Thus, Greenko has to be sensitive to the risks and has to put in place systems and processes to tread cautiously on paths that are new and are being taken for the first time in India. The agile workforce and ownership mindset would facilitate the adoption of technology as per the demands of the business. This has implications for ICT, HR and GAM functions.

Strategic Direction : Ensure Sustainable Operations

The asset management practices have drawn significantly from circular economic approaches and also climate proofing. Digitalization in asset management and self O&M at Greenko is strategically aimed at gradually developing the capability for predictive and adaptive O&M and application of circular economic practices and climate proofing. The infrastructure developed for self O&M is already used for repair, refurbishment, and re-engineering of many assets or reuse of its components. The agility of assets achieved through predictive and adaptive capabilities gained through deployment of digitalization is aimed at addressing climate-proofing also.

Intellectual Capital

Innovation is the focus of the transformational journey at Greenko. The innovation hub platform elicits participation of employees and partners across the value chain, identifies solution areas, and curates the solutions through a collaborative approach. Continuous and targeted innovation hub initiatives are critical to adopt and adapt to appropriate systems, technologies, and business models. It is also about system integration and geography-specific customization involving soft and hard approaches. Accordingly, intellectual capital at Greenko is cross-functional systems and processes, and standard operating practices. People, Process, and Systems significantly supplement Greenko’s Intellectual Capital and becomes the critical instrument for driving transformation and adaptation at all levels.

Strategic Direction: Preserve and Enhance Innovation and Systems

Human Capital

People are at the core of Greenko’s success today and tomorrow. Nurturing talent and caring for people is a principled commitment. Greenko attracts, trains, rewards, recognizes and grows its people. Fair, Safe, Healthy, and Lively workspaces can be found at every site. People at Greenko are motivated by growth, committed to values, are agile, and innovative to harness opportunities and enable the company to navigate through turbulence. Our ownership models drive people to be responsible for outcomes of their work and “transform and be transformed”.

Strategic Direction: Attract, Retain and Nurture the Best Talent

Social and Relationship Capital

Greenko’s operations use wind, solar, hydro, land, and ecological resources extensively and are situated amongst people and have intertwined with their livelihood. It touches the lives of many in and around sites. Greenko considers the nature of its operations an opportunity to touch many lives and contribute to human development. Greenko’s partnership with communities enables us to deploy projects on time, manage assets efficiently and provides us a broader social license to operate. Greenko is sensitive to its role in achieving national climate, energy security, and financial stability goals and accordingly collaborates with the policy and stakeholder ecosystems to improve its contribution. Further, the journey to GKO 3.0 and 4.0 would necessitate partnerships and relationships of a new kind. The challenge in the new model will be “to be self-organizing in a multi-agent system”

Strategic Direction: Reinforce Stakeholder Trust and Develop Co-Creative Partnerships

Natural Capital

Greenko’s business is designed to harness unaccounted nature’s value. Accordingly, Greenko’s business from inception and in the future would be addressing challenges and opportunities of “caring for, conserving and adapting to changes in nature”. Greenko is committed not to harm nature in all its operations and value chain, to the extent practicable. In addition, Greenko is proactively contributing to the conservation of ecosystems and managing impact across the life cycle. It is sensitive to the fact that the climate is changing due to global warming despite global efforts to reduce the GHG emissions. The changes in climate has the potential to impact the wind, solar, and hydro resources and Greenko is developing adaptation plans to climate proof its business. Further, we are also addressing the long-term end of life impacts of our energy generation projects.

Strategic Direction: Preserve and Enhance Nature