Balancing Value – Governance Framework

Framework for
Sustainable value

Value Creation


Internal Operating Environment

Greenko endeavours to establish, boost and nurture the elements of its internal operating environment, in such a manner that it adapts the organisation to harness opportunities presented by the external environment. In this context, Greenko is adapting and transforming its businesses through internal operating elements such as resilience and agility of its human asset, circularity, regenerative approach towards its asset management, ownership mindset of its People, Processes, and Systems for business excellence.

Elements of Internal Operating Environment

Value-based Business Principles

Greenko is high on its SEEDIT values and in this context, stakeholder inclusiveness stands tall, apart from excellence, agility, ethics, discipline, innovation, teamwork & circularity. Greenko’s values are explained to every employee and partner. The organization ensures that new entrants are made aware of values in the Induction stage itself and the organization not just inculcates values but believes in living by them. The appraisal system at Greenko is completely merit-based and gives equal weightage to performance and adherence to company values. The succession planning is also looked upon right from the beginning and future leaders are groomed in a way that enables them to take up future challenges.


  • Empowered leadership teams
  • Agility in culture for value creation
  • Managing talent for growth
  • Ownership with accountability
  • Inculcated mindset for risk mitigation


  • Technology for decisions
  • Realtime monitoring
  • Generating big data & analytics
  • Drones –Survey, predictive maintenance, project progress


  • Built project & operating excellence
  • Robust Integrated Management System (GIMS)
  • Accredited SOPs for business
  • Automation of processes

Changing Internal Model- Ownership Model

The Human asset at Greenko is agile, resilient & committed to sailing through any unforeseen & challenging business situation(s). At Greenko, augmentation of Human Capital through inorganic growth is more incidental to business acquisitions spanning across its businesses viz. Hydro, Wind, and Solar. The diverse skill sets of human assets have aided in managing multiple business scenarios synergistically, across multiple Projects and Plants, indicating a circular approach in grooming manpower which does not allow the stagnation of men, machines, material & information. The Leadership at Greenko has always committed itself to human development by harnessing newer growth opportunities in the renewable space through Integrated Renewable Energy Storage Projects (IRESP).

The Group believes in the ownership model of an empowered team, entrusted with accountability, authority, and autonomy to achieve business goals in line with organizational values. The unique ownership mindset aids in an innovative and motivational work culture across the organization and allows teams to make the right decisions at the right time, abiding by Greenko values and ethics.

At Greenko, individuals and teams have the authority, autonomy, and accountability to shoulder responsibility for an outcome. The Organization and leaders are transparent about the strategic decisions that are being made. This mindset allows employees and teams to be accountable for the decisions executed, as they have the appropriate information base & experience to take the most appropriate decisions in a situation/scenario.

The business transformation initiatives at Greenko are based on the principles of Authorize, Align & Autonomy.


The ownership model at Greenko accords authority to its employees in decision making. The teams are clear in their focus and outlook from the beginning and hence can make the right decisions even in the most critical scenarios. They are also well informed about several “not-theway” illustrations in advance, to avoid instances of wrong decision making. Since most of the relevant information is available in an unambiguous way, it prevents wrong decision making in most scenarios. The team members are encouraged to view things differently and make decisions commensurate with a given situation/scenario. Also, the managers respect and support the team’s decision.


The key to aligning the human asset to match the organizational values for business transformation not only warrants the team to be congruent with the expected outcomes of any and all business decisions, it also delivers the task at hand on time. The success of any project generally means timely delivery of objectives within a stipulated time and budget. But, for Greenko it means much more and it means addressing the concerns of relevant stakeholders to meet their expectations throughout their journey with the company. The stakeholders are not only eligible for sharing the success of projects but are also equally responsible for its outcomes. The Organizational journey at Greenko, from GKO 3.0 to 4.0, requires the transition from outputbased objectives to outcomes and this system will aid in owning the task and its outcomes right from the beginning. The organization has therefore, aligned the KPIs to goals that are beyond outputs and include outcomes which enable ownership and innovation.


At Greenko, although the employees and teams can work independently in an autonomous way, the steering committee is responsible for keeping the whole process clear and organized. An autonomous team has the guiding vision and support from its leaders, as and when required. Each team member is therefore, sure about the task in hand and can align and coordinate with everyone else. There is a lot of clarity about seeking help at Greenko, the alignment to outcomes enables teams to autonomously decide “What”, instead of restricting themselves to “How”.

Greenko Ownership Maturity Model

The People Process System

Greenko balances its ‘ownership model’ with People, Process and Systems approach. The PPS model was implemented at Greenko to achieve the following:

  • To build & recalibrate competencies of human asset
  • To internalize in GAM for enhanced process efficiency
  • To connect people to motivate overall PPS implementation
  • To share best practices across businesses
  • To achieve set business targets to aid transformation
  • To aid Greenko towards the smooth transitioning from GKO 2.0 to 3.0 and reach GKO 4.0

The People – Expectations & Competencies

The impact of the PPS Model in two years (2018-20) at Greenko has shown:

  • improved sustainable operational efficiency and growth with the measurable performance of the ‘People’ and the ‘Assets’- Focus
  • contributing to the regeneration of efficiency in people and operational assets for value creation, through Energy Systems for Greenko - Regenerative Thinking
  • The group has mapped Key Performance Indicators (KPIs) of the Businesses for each of the employee roles and measured it against predetermined metrics and weightages assigned to employee role deliverables - Talent Management
  • The Performance Management System (PMS) was implemented with measurable weightages of 50% for Business KPIs and 50% to measure Business deliverables in alignment to Greenko Values- Strategic Thinking
  • Multi domain-multi skilled employees who can role play in uncertain times- a transition towards GKO 4.0 made it imperative for Greenko to multi-skill its human assets to get a circular orientation, not allowing any stagnation in the same role year on year - Circular

The Process

As a framework, GAM was divided into seven key areas for which detailed processes were delineated, discussed, and adopted in these key areas. The features of the process flow include:

  • Cross-functional activities
  • The mandated flow of day to day, week over week, month on month activities
  • Communication with centralized teams like Tech services
  • Checks & balances and the way forward, when falling short of targets

The GAM and HR Leadership Team have convened a ‘Leadership Conference’ to calibrate on the Group’s vision, values, and the PPS Model. All the GAM employees have been trained and the HR Team and GAM Leaders have put the PPS Model to work and the outcomes are ‘propounding and profoundly positive’ for the business.

Also, the KPIs, identified for each of the GAM assets (Hydro, Wind & Solar) and the performance outcomes were measurable indicators for Hydro, Wind & Solar Operational Assets. In the Greenko Asset Management (GAM) vertical, out of the total employees multiskilled for various domains (Hydro, Wind & Solar), 82% were found eligible to work in multiple functions in addition to their multi-disciplinary domain knowledge, thus reaffirming the circular approach in business management.

The System

The analytical management systems deployed for tracking project and asset management include analytical measures such as:

Celeste Solar - Analyse the trends and identify any deviation from the expected results

GOMs - Tracking of Maintenance activities and alerts to check any form of deviation from schedule or quality

GMAT Tracker - Tracking of minutes of meeting and closing the action items

GATS - Tracking of assets (e.g. Modules)

GEPS - Tracking of project activities

Forecast & Scheduling - Deploying statistical forecasting models and real-time weather forecasts to predict day-ahead energy Activity Tracker

The systems also consist of predictive measures such as:

Aerial drones - for digital plant inspection which is an advanced technique for reliability and performance improvement

Thermal Imaging - Thermal Imaging camera to observe the health of modules.

Predict Downtimes - Development of custom notifications based on queries and machine learning models to identify anomalies and predict impending failures

Greenko has showcased exemplary strengths through its ownership model and PPS framework implementation. Greenko’s renewed strengths with a new dimension of circular and regenerative thinking would aid its smooth transformation from GKO 3.0 to 4.0.

Reinforcing Stakeholder trust

Growth has been synonymous with the inherent nature of Greenko Group. The ownership culture and the institutionalization of SEED IT (Stakeholder Inclusiveness, Excellence, Ethical, Discipline, Innovate, Teamwork) Value System has built a strong foundation. The above ‘Value Drivers’ are seamlessly integrated with the ‘Enablers’ to strategically create a Value Proposition with definite ‘Outcome’. The HR strategy has evolved critically to support the Value Drivers with desired HR Policies, Processes, and Systems. In this context, the inclusion of stakeholder trust in all the stages and all levels of decision making signifies public-private-people partnership and remains the main pillar of project execution and operations at Greenko. Greenko believes in having a long-lasting relationship with its relevant & critical stakeholders. The Trust of stakeholders is the foundation of business policy at Greenko and timely reinforcement of this faith will smoothen Greenko’s journey from GKO 3.0 to 4.0. The same principle applies to the ownership model and PPS implementation in the business. (GRI 102-21, 43).

Agility to Adapt

Greenko’s easy transition from GKO 1.0 to GKO 2.0 and further to GKO 3.0 has been possible due to the agility of the organization. Ownership and empowerment make the organization more agile by incorporating the vital characteristics of self -belief.

The Leadership Pipeline is developed to meet the Business expansion plans of the Group and thus opportunities are provided to the young who have the competence and potential to take appropriate leadership roles. Talent scalability is a critical and on-going agenda for HR to provide the required number of talented resources for new projects and acquisitions. Since its inception, Greenko has always grown with a mechanism of built-in talent scalability.

Individual Stewardship

The ownership culture at Greenko has made the group the most sought-after employer in the RE domain. Employee welfare programs, merit-based annual performance reviews, and rewarding of talent has built and sustained a favourable brand image amongst employees. The group retained 93% of its workforce during the reporting period and achieved a cost reduction of 10% per hire, for the FY2019-20.

Unambiguous Information for Critical Decision Making

Greenko deploys advanced information technology to monitor the progress of project execution and asset management and makes such information available to all, on need-to-know basis, in real-time. The leadership at Greenko has a clear focus and vision, thus leading to clear and unambiguous communication minus any gaps. This avoids delays, conflicts, and friction in decision making and aids teams to take ownership. It enables the leaders at all levels to focus on material issues for growth and transformation.

Technologically superior Intelligent Energy Platform

Greenko has a strategically diversified portfolio of assets by type, geography, offtakes, and technology employed. This diversification allows them to build expertise by dealing with multiple stakeholders. Greenko manages its diverse operating assets in accordance with the highest standards of performance, availability, and efficiency. The continuing excellence of operations provides a strong foundation for the ongoing transition of Greenko’s business towards a decentralized and digitalised future.

This asset base is being significantly augmented to create an Intelligent Energy Platform. While Greenko’s success in deploying different technologies renews its confidence, the organization realizes the challenge of technology adoption and up-gradation in the transformation of Greenko’s business models from GKO 3.0 to GKO 4.0.

Disciplined & Methodical Project Development Mechanism

In project execution, Greenko follows a very meticulous process with self-discipline and agility. Discipline is one of the values which is at the core of Greenko’s business model. GEPS is one such in-house state-of-the-art project monitoring system tailored for robust and real-time project management, QA/QC, engineering, logistics, material management, and stores.

Greenko through its disciplined approach sets an example to its suppliers and contractors to execute projects on time with minimal cost in operating projects. Greenko understands that the journey from Greenko 3.0 towards 4.0, would be complex, demanding innovation and agility, and synergies of different natures, and hence it has promoted the ownership approach, across the organization, during this reporting period.

Leading Experts in Renewable Energy Space

Greenko team has significant experience in renewable energy project execution and asset management; arriving at and managing different kinds of commercial arrangements with public and private entities; managing revenues and engaging with relevant stakeholders. The organization actively contributes to public policy advocacy regarding firm and schedulable power.

This experience with technologies and relevant & critical stakeholders viz., regulators, distribution utilities, and government bodies, will be extremely critical in business growth as well as the transformation from GKO 3.0 to 4.0. Technological and regulatory challenges will be posing significantly difficult scenarios, and the electricity markets will pose newer challenges each day. However, the valuable experience and competencies achieved in managing the transformation in the past will be useful in addressing the challenges and to forge ahead towards deep decarbonization.