Our portfolio of assets is diversified by asset type, geography, off-takers, and technology. Our assets are strategically located across geographies with a favourable history of hydrology, wind, and solar conditions. Our hydropower projects in the Himachal Pradesh, Uttarakhand, Sikkim, and Arunachal Pradesh Northern and North-Eastern Clusters are driven by hydrology based on snowmelt, glacier melt, and rainfall, while our hydropower projects in the Karnataka southern cluster are situated on rivers that are primarily monsoon dependent. Our wind energy projects are or will be located in the states of Maharashtra, Madhya Pradesh, Gujarat, Tamil Nadu, Karnataka, Rajasthan, Andhra Pradesh, and Telangana which have a favourable history of wind conditions. Our solar energy projects are, located in the states of Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Uttar Pradesh, Gujarat, and Maharashtra and in the city of Delhi, which are regions of strong irradiation. Geographical diversification allows for a generation that is more spread out throughout the year. Further, our hydropower, wind, and solar energy projects are located in geographical clusters, to share transmission and other common infrastructure which lowers our costs and helps to build on our local knowledge and goodwill. With the beginning of WINSOM, our plan for asset performance improvement program, we have embarked on the implementation since July 2019 and focused on 178 MW of wind assets of Regent and Gamesa. At the four sites that we have undertaken this initiative, we have achieved improvement in energy-based availability by 1-3 %, thereby reducing the O&M costs reduced by 0.17 to 0.25 INR/KWh
Diverse technologies and geographies result in our ability to generate power that is more evenly spread out through the year. Also, our equipment is sourced from reputed and experienced OEM suppliers such as Alstom and BFL for the supply of hydro turbines, Gamesa and Suzlon for the supply of wind turbines generators, and Trina Solar, Risen, and Rene solar for the supply of key equipment such as solar panels, inverters, and trackers. The application of digitalization and data analytics has also helped us to improve the agility and reliability of assets being harnessed across our social assets.
We have improved Plant Load Factor, Plant Availability, and Grid Availability across the businesses. Mean Time Between Failures and Number of equipment failures have also been reduced. This demonstrates that as we expand and grow, our diligence in every activity continues. We also have initiated circular thinking which involves planning for second life and end of life of assets. We have been deploying advanced analytics across our operations to predict the possible failures and initiate preventive actions.
The success stories presented in this report portray the team efforts in balancing long term and short-term performance of the assets, as also positive contribution of our teams to all the capitals and stakeholders. The ownership spirit of Greenko employees emanates from the realization that they are contributing to making #It’sPossible-clean, affordable, and reliable energy and at the same time deliver sustainable growth of India. Our people see their bright future in the a) potential for growth of the firm and flexible renewables b) the agility of Greenko to grow and offer solutions to meet the energy challenge and c) Greenko’s continued commitment to its employees. The enthusiastic deliberations in these conclaves to align their role and activities to the company’s strategic objectives have been very encouraging. Our suppliers and communities are also witnessing our evolution, as our peers find in us a reliable and agile partner to engage and commit for a long-term growth. Readiness to take ownership of outcomes by each employee; share gain and pain by suppliers and vendors and the trust that the company enjoys in the community has been a critical reasons for the company’s success across technologies, geographies and markets, even in the face of disruptions and challenges.
We are sensitive and witness multiple operational disruptions due to weather. Our team’s resilience in the face of adversity ensured that the disruptions due to extreme weather conditions are addressed immediately when the electrical infrastructure is disrupted. Going further, we have understood and are taking mitigative actions to address the changing pattern of extreme weather events due to global warminginduced climate change.
In service and supply contracts, OEMs provide warranties, power curve guarantees, and minimum availability guarantees for turbines and solar panels. It protects us against nonperformance, subject to caps and may be limited by the ability of the vendor to satisfy the warranty or guarantee conditions. In addition, the warranties have time limits.We have already taken steps to mitigate such risks by increasing control over O&M and aligning contractual conditions.\Further, we have teamed up with ONYX Insight, a leading global predictive analytics and engineering firm, to modernize 500 wind turbines and adopt the latest predictive analytics. ONYX Insight will be installing sensing equipment across the 500 direct-drive and geared turbines to monitor its condition. The data generated will be used to identify machinery failures and provide longer lead times of 6 – 12 months to plan for repairs. This improvement in turbine reliability through digitization is critical, as in the Indian market, renewable generators face significant competition from traditional power sources. At this scale and size and considering our ambitions to improve our scale and flexibility further, it is necessary to move towards self-sufficient operations and maintenance strategies. This will maximize efficiency, reduce costs, and retain investor confidence over the lifespan of the project. Digitalization and predictive maintenance will be the lynchpin to streamline asset operations and maximize production.
Greenko’s agility has been demonstrated during the COVID pandemic. We have handled 353 Containers during COVID-19 (Lockdown), within 18 Days and ensured the safe delivery of containers & material to the site with zero mishandling. Also, we have contributed to health authorities and to communities across India, in and around our locations, during this health emergency. Our employees weathered the COVID risk to maintain operations and generated uninterrupted power through the pandemic.
Greenko would continue to adhere to its values and be agile to respond to challenges in the environment. As they say, when going gets tough, tough get going’- Greenko is turning each challenge into an opportunity and marching ahead. In this journey, we are together with all our stakeholders.
We aim to maintain co-creative engagement with all our key stakeholders, and this is critical in the journey towards transformation of Greenko to 3.0 &4.0. We are keen to listen to your feedback and engage with you to take this journey forward.
Chief Operating Officer-Greenko Asset Management