Performance Highlights


Delivering VALUE –
Purpose & Principles

Creation of Sustainable Value

Performance Based
Value Creation



Message from CFO

Dear Stakeholders,

Our annual integrated report is to give you accounts of our progress both- financial and non-financial performance and outlook. As we progress, the intertwining of performance across capitals is visible. Our efforts in improving efficiency of operations, empowering employees and public-private-people partnerships are now evident and will continue to reinforce our financial performance.

Greenko has a vision of ‘Powering India with decarbonized, digitalized and decentralized energy assets’ and its mission is ‘building, owning and operating high-quality renewable energy assets by leveraging leading edge technologies for a stable and inclusive future’, and the same is resonating its businesses.

We are now exploring pathways to achieve deep decarbonization to ‘Race to Zero’- an initiative of the UNFCCC in keeping with the ambition of the Paris Climate Agreement. Engaging and partnering with the businesses and city governments to provide solutions towards NetZero would not only deliver sustainable returns on invested capital but positively contribute to the achievement of UN Sustainable Development Goals 7 and 13. Most of our investors are excited about the social and environmental outcomes that our business delivers besides sustainable financial returns.

Green investments by way of Green bonds at Greenko will help in transition to low carbon economy and on a greener more sustainable path.

Financial Instruments issued by Greenko continued to be rated A+ and Greenko continued to be the top destination for overseas funds in the sector with 2,294 million USD investment flows, more than double of its closest competitor in India. Further, Greenko accesses diverse sources of capital to meet its growth targets. Besides harnessing Green Bond markets, Greenko has been successful in raising finance through domestic bonds. Infusion of equity capital of 980 million USD by Japanese financial services group ORIX reaffirms the trust that the global investors repose in the business model of Greenko. With the integration of wind generation assets of ORIX in India, the asset base has significantly expanded, taking the total capitalised equity to approximately 2.26 billion USD as on March 2021. Additionally, there is an equity commitment of 1 billion USD by GIC, ADIA and promotors.

Most of the investments that we raise are deployed for the execution of Integrated Renewable Energy Storage projects that can morph in-firm variable renewable energy into reliable, schedulable, and flexible renewable energy and further to harness multiple value pools in the electricity system of India. Our colleagues engage with the public authorities through appropriate forums to shape the public policy and align it in the interests of an effective electricity system, which in turn will deliver additional returns on our investments.

We fund our operations and capital requirements primarily through cash flows from operations and borrowings under credit facilities from banks and other financial institutions as well as from equity. We evaluate our funding requirements periodically considering our net cash flow from operating activities, the progress of our various under- construction and under-active development projects, acquisition opportunities, and market conditions. To harness the opportunities, we have incurred significant capital expenditure most of it in New Energy Intelligent solutions.

In FY2021, our net cash used in investing activities primarily consisted of

  • (i) 77.4 million USD used in purchase of property, plant and equipment, capital expenditure ,
  • (ii) consideration of 33.2 million USD paid for acquisitions,
  • (iii) consideration for acquisition of Orix Wind projects and MP Solar entities, net of cash and cash equivalents of 323.5 million USD,
  • (iv) consideration for acquisition of 30.16% shareholding of Teesta Urja Limited with 112.1 million USD.

We witnessed an operating profit of 235.93 Million USD.

Operational improvement and value maximisation programmes carried out at many sites across technologies and continuing and extending Greenko operation and maintenance has yielded excellent financial outcomes. Besides, these measures are addressed to make the asset and the associated systems resilient to adapt to changing patterns of resources. Further, the procurement of equipment and services for new and challenging Integrated Renewable Energy Projects followed International Competitive Bidding procedures and the Project Management included numerous built-in checks and balances. The risks in these complex projects are diligently identified and mitigated to a large extent and provisions are made for residual issues.

We have identified key Environmental, Social and Governance factors for our business activities based on its relevance to business, investor interest and peer practices.

We have identified key Environmental, Social and Governance factors for our business activities based on its relevance to business, investor interest and peer practices. The EHS, Governance and Risk management systems are aligned to address these ESG factors. You would find in this report our performance being reported against the ESG factors.

The continuing COVID pandemic globally and in India, despite logistic and other disruptions, have not negatively impacted our generation and demand. During the pandemic, our uninterrupted economic activity has been of immense help in our communities. Our experience over a period indicates that renewable generation is increasing significantly even during the uncertain times, moreover Government initiatives further is placing the renewable agenda as the top concern, this scenario looks exciting creating the possibility of additional employment as well. We are confident that this New Energy will offer India an opportunity to Decarbonize the grid, the industry and the chemistry.

With our steadfast approach, we will continue to pursue our transformational journey to effect decarbonization, digitalization, and decentralization. We will be keen to listen to you and engage with you throughout this journey.

Vasudeva Rao Kaipa

Chief Financial Officer