This is Greenko's fourth consecutive Integrated Report, prepared with an intention to provide the readers a comprehensive view of Greenko’s sustainable value creation potential by accounting for the financial and non-financial value derived from and delivered to various stakeholders. To protect and enhance value creation in the face of disruptions, a structured effort in the form of internal reflection for mapping the value creation factors and assessing the adequacy of strategy was involved while preparing this report. Further, Greenko seeks to transform into a utility of the future by deploying the measures based on the 3Ds of the energy sector i.e., digitalization, decentralization, and decarbonization, thus making its contribution towards clean, reliable, dispatchable and affordable power generation in India. This would also help in contributing towards India’s energy security and economic stability to meet deeper decarbonization goals.
This report links Greenko’s efforts to transform from GKO 3.0 to GKO 4.0 and beyond and its concurrent value creation and distribution journey. Greenko’s position and performance on the material aspects relevant to its value creation viz., generating, retaining, distributing, protecting, and enhancing sustainable value, especially the tenacity and determination in carrying out the business during FY 2020-21 have been presented herewith.
This report is drawn on the basis of global trends in the energy sector and the technology, taking into account several challenges and its impact on value creation especially in the face of the pandemic. A multi-disciplinary team was created to provide a comprehensive view of the group, its business model, the challenges and risks it faces, and its social, environmental, financial, and governance performance. Greenko’s future vision for deeper decarbonization has also been shared in alignment with ESG aspects.
The Indian Renewable Energy sector is experiencing tremendous pressure due to challenges of increased share of renewables in the grid and distribution utilities, competitive bidding mechanism, falling tariffs, and other policy related changes that have slowed the industry’s growth. Greenko has significantly contributed to public policy advocacy to bring visible changes to the ecosystem and has been stewarding solutions and special targets pertaining to build and operate multiple IRESPs with storage capacity up to 48.98 GWh. All such snapshots have been captured in the present report.
This report intends to communicate Greenko’s effective transition from GKO 3.0 to 4.0 and ahead in the face of evolving contours of regulations, technology, ecosystems and the pandemic. The report details Greenko’s continuing pursuit of Integrated Renewable Energy Storage Projects and digital transformation across operations including the development of an Integrated Energy Platform to make 24x7 power a near-future reality. To reinforce agility, Greenko has set in motion People, Process, and Systems across all operations and implemented the ‘ownership model’ of organization development. The essence of which has been captured and presented throughout this report.
This report is organized into five core sections to enable the stakeholders to make an informed assessment of Greenko’s ability to create sustainable value.
The information and data in the report correspond to the progress made by all the entities within the Greenko Group during the period 1st April 2020 to 31st March 2021.
To offer a clear perspective of the data being reported, the figures and events from the past are also included in the relevant sections of the report. The forward-looking statements contained in this report are based on the analysis of the current context, its expected outcomes are susceptible to change. Wherever, in the report, information relating to beyond reporting period is mentioned, the same is specified. There has been no significant change from the previous year’s reporting period or in the list of material topics and topic boundaries.
The structure of the report is prepared in line with the framework established by the International Integrated Reporting Council (IIRC). The data is reported in accordance with the GRI Sustainability Reporting Standards given by the GRI (Global Reporting Initiative).
The report also captures Greenko’s contribution towards achieving the objectives of the sustainable development goals (SDGs) adopted by the United Nations member states in 2015. In addition to that, Greenko’s performance is also measured as per the World Economic Forum’s stakeholder capitalism indices.
The content of this report is complemented by other corporate documents and information on the group’s website. In specific cases, the reference to such information is mentioned.
For any queries and suggestions on the data and information please write to firstname.lastname@example.org
2(GRI 102-1, 102-45, 102-46, 102-48, 102-49, 102-50, 102-52)