Performance Highlights


Delivering VALUE –
Purpose & Principles

Creation of Sustainable Value

Performance Based
Value Creation



Epilogue from the President and JMD

Dear Stakeholders,

In this integrated report, Greenko delineated the advances made against strategic objectives on all the six capitals financial, manufactured, intellectual, human, social and relationship and natural. In keeping with the challenge of achieving the ambition of Paris Climate Agreement of limiting global warming to 1.5 degrees centigrade, we have signed ‘Climate Pledge’ to achieve Net Zero -10 years earlier, by 2040. To mitigate the physical, regulatory, technological risk to business due to climate change induced by global warming, We have extended climate risk assessment to more sites and have identified mitigation actions for implementation. In keeping with the recent investor interest, we have restructured our ESG processes and metrics and you can find in the performance section of the report, our performance on ESG aspects.

Businesses, cities and governments are looking forward to deep decarbonization solutions to meet their commitments in the short and medium term and “Race-to- Zero”. In this context, the firm, schedulable and dispatchable power; and zero carbon molecules of Greenko are increasingly being sought after.

Partner in ‘Race-to-Zero’

As you may have already noted, we have intensified our efforts to combine multiple RE resources (Solar & Wind) with Long- Duration, Stand-Alone, Off-Stream, Closed Loop Pumped Storage, and Energy Storage Cloud to deliver ‘Firm, Schedulable & Dispatchable RE power’. These projects are designed to

  • Augment and substitute the carbon intensive firm power in the grid
  • Improve flexibility of the electricity system
  • Create space for multiplication of nonfossil- based energy resources
  • Enable optimal operation at fossil and non-fossil plants
  • To enable provision of 100% green energy for growth markets
  • RE-Industrialization for Low-carbon economy
  • New-age energy transition fuels to provide solutions for hard to abate decarbonization needs and
  • Meet the long-term energy & climate goals of India and its neighbours

We are working with large scale industrial houses and process factories for industrial decarbonization solutions. The Green hydrogen may be deployed for multiple applications directly or through synthesising zero carbon molecules. Our deep decarbonization solutions in hard to abate sectors like metals, petrochemicals, bulk transportation is a pathway towards achieving India’s Hydrogen Mission leading to energy Independence.

Businesses, cities and governments are looking forward to deep decarbonization solutions to meet their commitments in the short and medium term and “Race-to-Zero”. In this context, the firm, schedulable and dispatchable power; and zero carbon molecules of Greenko are increasingly being sought after.

Firm Renewables – An Opportunity for India

Our initiatives are crafted for the context of India, its resources- water, wind and sun that can be harnessed to power its growth within the carbon budgets. India has a target of 500 GW of Non-Fossil fuel-based energy by 2030. India’s Solar and Wind generation capacity and its cost effectiveness is amongst the best in the world. However, the present electricity architecture in India, about 375 GW installed capacity and 180 GW peak demand, is characterized by low flexibility and high cost, due to the dominant share of coal and infirm renewables. To improve the electricity generation-supply flexibility and to generate the power at a lower cost, it is imperative that the country installs Stand-Alone, Make-In- India, Long Duration Storage capacity and morph the Renewable Power to Round-The- Clock. Further, to attain the target of 450 GW of Renewables by 2030 and to deliver lower cost of power, it is imminent to establish long duration, Make-in-India pumped storage capacity of 30-50 GW, well before 2030. The storage capacity enables time-shift of power and therefore, delivers firmness. Generation of more firm RE supported by long-duration pumped storage creates space for additional RE capacity and its effective operation.

McKinsey, the knowledge partner of Global Long Duration Energy Council, concludes that the deployment of long duration energy storage is essential for balancing the grid through its decarbonization and it minimizes social and environmental cost. Further, their analysis places Pumped Hydro Storage as an attractive and viable option in the context of India.

The new flexible electricity architecture augmented with Low-Cost, Long-Duration and Make-in-India Storage in sync with RE, decarbonizes India’s power sector and will drive the cost of power down by 20% in the next few years. Intermediate solutions of providing firm hybrid power with a component

Our deep decarbonization solutions in hard to abate sectors like metals, petrochemicals, bulk transportation is a pathway towards achieving India’s Hydrogen Mission leading to energy Independence.

of RE, is not in sync with long term goals of the country and the business. Such solutions, in the short and medium term, create barrier for decarbonized flexible electricity architecture. Further, such intermediate solutions are not desired when the firm RE solutions are cost optimal than the green field fossil fuel-based power solutions. Reliable and affordable Round-The- Clock RE, could be used by Industries to substitute 70 GW of captive power plants in the next few years. The Industries in India with access to effective means of decarbonization, would be the supplier of Green Commodities (Green Metals, Chemicals etc.) and hence a preferred supply chain partner for the global business. Also, availability of cost-effective decarbonization ecosystem can be a significant factor for India becoming a destination of global supply chains. As the cross-border adjustment mechanism are adopted by more nations, the trend of global supply chains concentrating in geographies with cost effective decarbonization infrastructure will accelerate. The Global Supply Chains with ‘Net Zero’ goals will prefer ‘Make-In-India’ due to low cost and low carbon electricity amongst other factors.

Decarbonizing Industry

The RE-Electrification viz; electrifying energy and all electricity being renewable, is the first option in industrial decarbonization. However, this has a limitation and much of industrial processes are hard-to-abate as significant part of the GHG emissions are not of energy origin. Net Zero molecules can address such components of GHG emissions. Firm Renewables could be deployed for the manufacture of cost-effective Zero carbon molecules in India (hydrogen, ammonia etc.) for variety of use cases in industry and transportation. The cost-effective Zero carbon molecules will not only substitute imports to support ‘Aatma Nirbhar Bharat’ but could power the decarbonization of many OECD countries who have declared Net Zero ambition.

Circular Economy Approaches

We need to reimagine the ways we generate and deliver goods and services. The circular economy that closes the production consumption cycle has significant potential of GHG emission reductions to reach the net-zero GHG emissions by 2050. And we at Greenko, as the report unravels, have made significant advances in circular business models, extending the life and managing the end-of-life of our assets. We have begun our engagement with solar panel and other equipment suppliers on end-of equipment-life management. We continued our new initiative of modernizing 500 wind turbines is an important circular initiative of reengineering to extend life. More importantly, our new projects in pumped storage and Energy Storage Cloud are ‘sharing models of circular economy’ delivering firm and flexible electricity and ‘electricity plus’ services to various stakeholders of the electrical system.

Contributing to UNSDGs

Greenko, from its inception, has been contributing to sustainable development and its scale and extent have changed as it progressed. Presently, the company’s scale and size; expertise and access; make it possible to address the challenge of powering India’s growth with clean, reliable, and affordable electricity and also to achieve energy security and financial stability. Our business directly contributes to UNSDG 13-Climate Action and UNSDG 7-Affordable and Clean Energy and UNSDG 12-Responsible Consumption and Production goals. We recognize that the planet is at the brink, as argued in the ‘Living Planet Report 2020’, and we have to re-envision our relationship with nature. We will contribute to the conservation and restoration of nature at our sites and across the interconnected planet.

Investors across the globe are excited about the multitude of benefits that firm and flexible RE presents. Further, decentralized decarbonization solutions using cost-effective green hydrogen and zero carbon molecules would disrupt but create wealth for many countries, including India. The investor conviction and trust is evidenced by the infusion of 980 million USD equity into our company and the successful issuance of green bonds of 940 million USD. As always, Greenko will address investor expectations to the letter and spirit. The policymakers and regulators have recognized the opportunity in this new energy transition for India and are architecting a new energy policy ecosystem to incentivize #AtmanirbharBharat.

Through the report, you may have already noticed the convergence of multiple initiatives towards organizational development, which is critical for successful transition to Greenko 3.0 & 4.0. The empowerment model and People- Process-System are now supplemented and reinforced by the spread of a) Integrated Thinking which aligns each employee to the organization’s financial and extra-financial goals; b) Innovation Hub architecting pathways for doing things in different ways; c) Digitalization helping the seamless flow of information and analytics d) Assurance of systems and processes to ensure that the organization adheres to standards and quality, and finally e) customer and partner relationship focus as these groups change both in quantity and quality.

Greenko will continue to curate its business efforts to contribute towards sustainable development, being cognizant of the context in India and delivering value to all stakeholders. In this endeavour, stakeholder/s continued engagement is extremely valuable. My colleagues and I will be eager to listen to your concerns and suggestions.

Mahesh Kolli

President & Joint Managing Director