Performance Highlights


Delivering VALUE –
Purpose & Principles

Creation of Sustainable Value

Performance Based
Value Creation



Natural Capital

Message from CSO

Dear Stakeholders,

This year has been disruptive and exciting. Our robust business continuity systems enabled us to continue our operations. The pandemic, its consequent social and economic disruption has offered unique opportunity to the economy and society to revisit the foundations. At Greenko, we have harnessed this opportunity to put together building blocks for the New Energy Transition.

The ambition of Paris Climate Agreement to limit the global warming to 1.5 degrees, is driving governments, cities, businesses, and entities at large to transition to a new paradigm of energy, industrialization , production and consumption. Greenko’s business model is designed to address this challenge of deep decarbonization that is inclusive, self-reliant, and ecologically sustainable, in partnership with business and government. Greenko’s three pillars of Energy, Storage and Zero C Molecules’ Assets support “Race to Zero” emissions and thus avoiding cataclysmic social and economic disruptions due to global warming beyond 1.5 degrees. Greenko’s solutions are curated for transition away from fossil energy and carbon chemistry with minimal reliance on carbon capture and storage, thus ensuring just and environmentally friendly transition. While the business model and solutioning of Greenko are aligned with sustainable development pathway, we are sensitive to the need for diligence and care during project planning, execution and operations. Accordingly, we are committed to Racing to Zero ourselves – ten year’s earlier by 2040. We are signatories to Climate Pledge and are working on a roadmap along with our partners in the value chain and co signatories of Race-to-Zero. In our operations gate-togate, the GHG footprint is minimal, and we would ensure zero emissions in the next few years. Our business vision of Decarbonization, Digitalization and Decentralization, requires us to grow our energy, storage and Zero C Molecule assets at a pace commensurate with our Net Zero pathway. In this growth of assets, we will focus on low carbon input materials. While we will be the catalysts in moving the ecosystem along the value chain to decarbonization, our ability to procure low carbon equipment and machinery will depend on adoption of decarbonization by countries, cities, and

Greenko’s business directly contributes to UNSDG 13-Climate Action and UNSDG 7-Affordable and Clean Energy and UNSDG 12-Responsible Consumption and Production goals.

businesses. Besides, climate stewardship along the supply chain, we will adopt circular approaches in the management of our assets - extend the life of assets, sharing models and recycle, reuse, remanufacture during and at the end-of-life of assets, to fulfil our climate pledge.

As we transition and grow, we will continue to adhere to our diligence practices of Environmental and Social Impact Assessments (ESIA) at the stage of design of our projects and interventions, Environmental and Social Management Systems in our operations, embedded in Greenko Integrated management Systems. Further, during the reporting period, we have developed the ESG framework delineating our ESG priorities, our position on each ESG aspect and thereon objective and targets. Salient aspect of the ESG framework is increased role of the governance in stewarding responsible environmental and social practices. The climate stewardship and circular economic actions are the fulcrum of our Environmental pillar. The Diversity, Equity and Inclusion (DEI), Health and Safety, Retention and Innovation and Customer Relationship will be the foci of the Social pillar. The Governance pillar will have focus on increased Board’s role in stewarding ESG and Enterprise Risk management including Cyber Security.

In our last and this Integrated Report, we have outlined the results of physical and transition risk on our operations and mitigation measures that we have undertaken. Going forward, climate risk as also material environmental and social risks will be a constituent of our Enterprise Risk Management and will be periodically reviewed by the Board. The ESG objectives and targets will be dovetailed into KPIs and remuneration/incentive mechanisms.

Greenko platform is agile and can resile to be fit-for-purpose. In March 2020, when the pandemic hit India. Greenko set up a Covid Response Task Force and prepared a multi-pronged action plan to respond quickly to the evolving situation. Identifying the requirement of oxygen and understanding the evolving situation, the Covid Task Force activated its global supply chain relationships and focused on strengths to bring in critical oxygen support infrastructure and equipment. The focus was on expeditiously procuring the much-needed oxygen cylinders, oxygen concentrators medical grade liquid oxygen plants and cryogenic oxygen containers. The company airlifted over 1200 medical grade 10 liters Per Minute Oxygen Concentrators and created over 1200 oxygen beds in remote locations and saved thousands of lives. The concentrators were distributed to rural hospitals in coordination with the state governments. Today the revival of a defunct 60 TPD medical oxygen plant in Hyderabad which would be producing over 45 tons of medical oxygen has enhanced the overall capacity of Telangana by 40%.

At the workplace, we implemented disinfection and social distancing practices and provided workers with personal protective equipment. Employees leveraged technology to minimize personal contact, even in dealing with external stakeholders’ like vendors, contractors, suppliers, regulators and customers.

Greenko’s 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, and we must re-envision our relationship with nature. We contribute to the conservation and restoration of nature at our sites and across the interconnected planet.

We continued our IR journey to be a more equitable, inclusive, and transparent company. Across the enterprise, we held more than 4 formal IR conclaves, certified around 250 Sustainability Practitioners. Going forward, we see challenges in achieving our own ambitious climate goals which include decarbonizing supply chain and managing assets post its life. Further, we must engage and partner with governments, policy makers, regulators, and businesses in managing energy transition and “Racing-to -Zero” to decarbonize both energy and industry. We look forward to your continued engagement to strengthen the endeavour towards green and safe “Our Common Future”

Dr. Rambabu Paravastu

Chief Sustainability Officer

Strategic Approach

The business models of Greenko are closely integrated with value generation from natural resources. Management of natural capital is always embraced in Greenko’s decision-making process, risk mitigation plans, strategic planning, and during the entire life cycle of Greenko’s projects from design to operation and closure. The Group is in pursuit to extend the life of the projects and assets by integrating such measures as a part of asset management and also aspires to provide a second life for all its assets to align with circular economy principles. Greenko is determined to develop climate-resilient assets by periodically analysing the physical and translational impacts of climate change on its project infrastructures.

The annual meetings at Greenko revolve around the discussions on shifting to a circular economy from take, make, waste models and on circular resource management. Greenko has set up various short and long term goals to emphasize the actions to protect and preserve natural resources. The environmental stewardship programs at Greenko are aimed at minimizing the operational impacts, conceptualising business models in line with new climate normal and circular economy, protecting biodiversity, and emphasizing digitalization across the operations as the first line of defense.

Integrated Value Creation in Natural Capital

Mitigating Impacts on Nature

Environmental Impacts & Mitigation Measures

Greenko endeavors to develop projects with minimum environmental impact and thereby conducts preliminary assessment during the project planning stage for promoting broader mitigation and conservation strategies. The Group strives hard to understand the direct and indirect impacts of the projects on the surrounding ecosystems and focuses to streamline its operations efficiently to nullify the impacts to a great extent.

Greenko conducts Environmental and Social Impact Assessment (ESIA) study before project development, in line with the requirements of ten Equator Principles; eight International Finance Corporation (IFC) Social & Environmental Sustainability Performance Standards (PS); and IFC Environment, Health and Safety (EHS) Guidelines. This study helps the organization proactively identify the adverse impacts of its operations on environmental resources. The impacts identified from ESIA study are addressed through ESMP mitigation measures. Greenko adopts the following methodology for the implementation of ESMS.

ESMS progress during 2020-21:

  • Revised ESMS manual and ESMS procedures.
  • Implementation of ESMS in progress at 86 sites.
  • ESMS training provided to 160 participants covering 3 SBUs and 1280 hours of training hours.

Responsible Sourcing

Greenko Group is combining its efforts, expertise, and experience in improving the sustainability characteristics of its supply chain through its Green procurement initiatives. The Group makes efforts to procure green alternatives from suppliers by continuously holding engagements with them and by incorporating Ethical, Environmental, and Social principles and values in its procurement strategies. This initiative helps Greenko to evolve a broader perspective and to establish long-term cost-saving opportunities. The major activities discharged as a part of Green Initiatives are as follows

  • Creating awareness among vendors/ suppliers on environmentally preferred goods and services
  • Making at least 95% of critical suppliers ISO 14001 certified and RoHS compliant by March 2024
  • Inclusion of environmental specifications and evaluation criteria as per emerging technologies in centrally managed procurement
  • Developing a collaborative approach to optimize information-sharing, consistency and performance measurement, and Life-cycle analysis

During the reporting period, Greenko has accomplished significant progress in responsible procurement of standard equipment and appliances. This initiative also helped Greenko to adopt energy-efficient fixtures and guidelines. Further to this, proper planning for transporting raw materials by consolidating packages from various vendors, has significantly reduced scope 1&2 GHG emissions up to 50%. The internal movement of logistics from warehouses to flight loading areas is monitored and optimized to reduce GHG emissions. Greenko also ensured that its major suppliers (95% in all) are upgraded to ISO 14001 certification and are RoHS compliant. Greenko also includes Environmental criteria and specifications in its procurement policy and creates awareness among its vendors on environmental traits of preferred goods and services.

Green Alternatives Procurement

  • Procured Energy Efficient Equipment including Energy Star labeled electrical appliances
  • Encouraged energy efficiency retrofits to move towards securing a BEE (Bureau of Energy Efficiency, India) 5-star rating

Green Initiatives

Initiatives to improve the circularity of solar assets

  • Greenko Group has initiated discussions with manufacturers of PV Modules and Inverters, regarding the inclusion of circularity and life cycle approaches throughout their value chain.
  • Purchase offer evaluation included circular value assessment during (description & details)
  • After assessing PV module manufactures, Greenko has placed orders on the merit of life cycle assessment and management.

Contribution to Climate Change Mitigation

Through delivering renewable energy to the grid and open access customers , Greenko has avoided 12.47 million tons of CO2 emissions. In addition, the group has, till date, registered 26 Clean Development Mechanism (CDM) projects with UNFCCC.

Greenko addresses the physical climate change impacts on its business performance and sustainability. The Group makes imperative efforts to mitigate and minimize climate change risks on stakeholder lives and ensures promotion of sustainable well-being. The impacts of extreme weather events like floods and cyclones on the critical power infrastructures were studied in detail, and plans to build climate-resiliency in the operations of assets are being implemented.

Direct and Indirect GHG Emissions

Scope wise GHG Emissions in last two financial years

The scope 3 emissions estimates are limited to only business travel and component. This obviously is a very small fraction of scope 3 emissions. Greenko will assess and compute the scope 3 emissions covering all the 15 categories and report the same in the next year report.

GHG emissions avoided

Direct and Indirect GHG Emissions avoided (in MtCO2)

Emissions avoided

Material Consumption & Conservation

Wind, Solar, Hydro plants do not consume any input fuel for power generation. Thus, the fuel consumed in these plants are primarily used for O&M purposes. The material consumption during the reporting year for the above is presented below

Greenko has instituted a Material conservation program that aims to reduce the consumption of raw materials, consumables, packaging materials and also strives to increase the use of recycled or bio-degradable materials. At all the GAM plants, Greenko recycles scrap refuse, consumables, and packing material as a part of its material conservation program. Following are some of the initiatives taken up:

  • Short unproductive DC cables are removed and reused in other areas which resulted in an 8% reduction in the requirement of new cables.
  • Optimum use of Packing Material by manufacturers/ suppliers, other protection materials significantly resulted in a 12% reduction in packing material in the year 2020.
  • At Zuvan Solar site the Electronic PCBs were repaired and reused for SPDs of SCBs and Inverter Cooling Fans.

Waste Management

Greenko believes that circular economic practices will be the key element for driving sustainable development The Company’s waste management practices adhere to the principles of Environmental and Social Management System which requires conformance to legal requirements along with the reduction in waste generation through reuse or recycle, whenever possible. The ESMS mandates to identify the waste streams within the organization and continuously monitors waste generation. Further, ESMS also recommends creating awareness among key stakeholders to develop the circular economic culture. Greenko has also initiated Plastic Protocol in this reporting year to delineate the usage of single-use plastics in operation and is exploring the feasibility of replacing them with a sustainable alternative.

Waste Management practices at Greenko

Greenko conducts internal audits to quantify waste generation and to explore the potentials for incorporating the best waste management practices. At operational sites of Greenko, this management program is carried out with the help of an authorized third party, which involves monitoring garbage collection, segregation, and disposal of all the waste generated at the operating premises. Segregated recyclable wastes are sold to authorized recyclers. A part of wastes requiring treatment before disposal is sent to hazardous waste treatment facilities and others are used in landfills.

Waste Generation by type

E-Waste Management

Greenko’s approach for waste management includes Reduce-Reuse-Recycle-Reclaim- Disposal to minimize its environmental footprint. The Group stringently follows E-Waste Management rules to treat and reuse E-Waste resulting from technological upgradations, capacity augmentation, and other business processes. All these wastes are collected by the ICT department which is then segregated and recycled. All the nonreusable hazardous e-waste, including lead batteries, are disposed through authorised recyclers approved by Central and State Pollution Control Boards. In FY 2020-21, the total E-Waste generated by operations was estimated to be 4699.5 kgs. Greenko also donates the unused computers and other peripheral devices to various schools, orphanages, NGOs, etc.

Water Management

Greenko’s operations are less water-intensive and hence, water is mainly used for cleaning of solar modules, domestic requirements, construction, and biodiversity preservation of the surrounding ecosystem. Greenko continues to understand, monitor, and record its freshwater usage, domestic water consumption, operational water consumption and wastewater discharge. Greenko closely evaluates water use efficiency as one of the criteria for exploring the feasibility of new technologies and projects.

The impacts caused by its operations on water bodies are carefully analysed by Greenko and significant investments are made to reinforce measures to limit such effects. The main components of these initiatives are development of watersheds, rainwater harvesting, drip or sprinkler irrigation and water-efficient cleaning technologies. The Group has built various natural drainage structures, water recharge systems, and storage facilities in and around its operational areas through which Greenko attempts to harnesses rainfall. Through this, Greenko systematizes water requirements of the surrounding community and operations. Through continuous efforts of Greenko, the number of rainwater harvesting structures are nearly doubled and the total quantity of rainwater harvested stands at 167609 kL.

Progressive in Water management practices at Greenko

Water Management

Water Management Practices and its Impacts

Value Creation Story: Water Conservation at Zuvan Solar Plant

Location: Zuvan Solar plant


The main water sources of Zuvan plant are a reservoir, bore well, and a pond. Reservoir water is used for module cleaning and conventional earth pit maintenance. Borewell water is used for domestic consumption and pond water is used for plantation, gardening, and fire tenders. The plant is reusing the module cleaning water for the plantation of Aloe vera and Green grass beneath the modules. This has also helped in enhancing the module efficiency. Owing to these conservation activities, the freshwater consumption of plants reduced by 15% in the current reporting year. In addition, various pond restoration activities like dredging have enhanced the rainwater potential of the pond. The plant will continue its efforts and also set a target for reducing freshwater consumption further to 25% by the year 2022.

Key Achievements:

  • Reduction in freshwater consumption by 15%
  • An increase in rainwater storage potential of the pond

Energy Efficiency

Greenko is committed to adopting various energy-efficient measures in its operations to minimize the losses in generation, transmission, and distribution and thereby aspires to reduce its carbon footprint. Greenko has implemented a multitude of energyefficient measures in its operating locations, some of which are enlisted below:

  • Procurement of Energy Efficient Equipment in line with Bureau of Energy Efficiency (BEE) Guidelines
  • Replacement of conventional Lights with CFL & LED lights
  • Regular maintenance of auxiliary equipment
  • Operational management of hydro plants- arresting water leakage through proper grouting work in powerhouses
  • Installing Light Arresters in between 33 kV line to reduce the breakdown time
  • NRV Modification for pitch cylinder for reducing oil leakages in HUB (WTG)
  • Installed Grease collectors which are used for waste or Excess grease collection from wind turbine blades to reduce breakdown time
  • To capture real-time data in-house application has been developed by Greenko. With the help of this app ‘CELESTE’ Inverter operations are being monitored thereby improving power generation

Ecological Restoration


Greenko’s Projects are designed, developed, and operated based on extensive Environmental Impact Assessment (EIA) carried out during the planning stage. The company makes tremendous efforts to avoid setting up its operations in biological hotspots and protected areas. Further Greenko proactively implements projects like habitat conservation, natural or sustainable farming, protecting sea-based wildlife systems, fish seeding initiatives to restore, protect, and enhance biodiversity. Greenko has also undertaken extensive plantation programs at all its operational sites to develop natural CO2 sinks.

Biodiversity Management

In addition, the Group is also supporting various Biodiversity Conservation activities and Natural resource management programs in various geographical locations. To conserve and mitigate biodiversity loss, Greenko diligently conserves one endangered species, each year, in the regions of its operations. During the last few years, the Group has contributed towards the conservation of Olive Ridley Turtles, Great Indian Bustard & Red Panda.

Initiatives on Biodiversity Conservation and their Impacts

Climate Proofing the Business

Climate Risk Assessment and Management at Greenko

Greenko is aligning its business models and asset management practices to cope with the extreme weather events resulting from dynamic climate conditions.The climate risk assessment is conducted as a part of project management to identify, analyze and mitigate potential physical and transitional climate risks. This analysis is proactively and systematically performed based on climate change related events, trends, forecasts, and projections.

Physical Risks

In this context, Greenko has assessed the impact of physical risks across different stages of its operating lifecycle, such as,

  • Physical impact on renewable resource potential
  • Physical impact on generating assets
  • Physical impact on Transmission and Distribution infrastructure

Transitional Risks

This category of risks mainly corresponds to future policy changes to aid renewable energy transition

Greenko has conducted climate risk assessment for six of its critical operating sites to assess and manage climate risk vulnerability of assets and their productivity. The six sites are as follows,

  • Ghani solar, Kurnool, Andhra Pradesh
  • SEI Adhavan, Tamil Nadu (Solar)
  • Sneha Kinetic (Dikchu Hydropower project), Sikkim
  • AMR Power, Karnataka (Hydro)
  • Rayala Wind, Andhra Pradesh
  • Tanot wind, Rajasthan

Greenko has studied and projected climate change impacts on its operations using IPCC’s RCP 4.5 scenario which is the low-medium emission pathway (equivalent to 1.7-3.2°C temperature increase). The climate change projections were studied for the period of 2020-2039 (Short term) and 2040- 2059 (Medium Term). The assessment revealed that transitional risks are well-identified and addressed by Greenko. Physical risks like heat stress may possess certain threats to operations and various water conservation and harvesting strategies are planned to mitigate those risks. The physical impacts on resource availability viz., wind pattern, solar radiation, and hydrological flows are to be addressed through agility, predictive and adaptive capabilities developed through Digitalization. The additional system and infrastructural requirements to develop climate-resilient assets were also evaluated and planned accordingly.

Greenko Commits to Climate Pledge

The Climate Pledge co-founded by Amazon with Global Optimism in 2019

Net Zero Carbon by 2040

Part of UNFCCC “Race To Zero” and part of the solution - 10 years Early

  • Community of companies and organizations, working together to crack the climate crisis and solve the challenges of decarbonizing our economy.
  • Greenko Has joined 114 businesses across the globe and accepted the challenge of Climate Pledge.

The Climate Pledge Requires the signatories to:

Extending Life and Managing End of Life

Lifecycle Management at Greenko

An LCA study is conducted for analyzing the environmental impact of a product/system across the various stages of its lifecycle. In this case, the goal of the LCA study is to analyze the environmental impacts associated with the production of electricity from Greenko’s different renewable energy technologies i.e., onshore wind plant (600MW), solar plant (3000MW), and a pumped storage hydro plant (1200MW) in line with ISO 14040 and 14044 standards and explore the feasibility and consequences of the extension of life and end of life management. A process-based LCA approach was utilized for this study.

A cradle-grave LCA study was conducted i.e., the environmental impacts are calculated over the entire lifecycle of the renewable energy technology plants involving the extraction of raw materials, manufacturing of the components, assembling, transport, operation, maintenance, and end-oflife treatment. Through this study, it was understood that the production and disposal stages contribute to the maximum environmental impacts of the onshore wind, solar, and pumped storage hydro plants. Although variables such as the production of raw materials and components used in the plants are not directly under Greenko’s control, significant measures will be taken by Greenko to ensure the proper recycling and reuse of raw materials used in the various components of renewable energy plants, ensuring that the raw materials are not ending up in landfills.

Environmental stewardship

Greenko adopts the concept of Environmental stewardship which means ‘Being responsible for all phases of the project life cycle’. Through its strategic governance, the Group has taken steps to minimize the environmental ramifications by committing to various principles like Extended Producer Responsibility (EPR), Design for Environment (DfE), Reduce usage of toxic substances, Impact assessment.

The Group carries out life cycle assessment during the initial stages of every project to minimize the environmental impacts throughout the lifecycle of assets, starting from design and development to manufacturing, distribution, use, and disposal. Greenko is also inspiring its suppliers to adopt green practices thereby, culminating the sustainability principles in its supply chain.

Life Cycle considerations are communicated to the vendors through contractual obligations and strict compliance is ensured. Several Audit mechanisms are instituted by Greenko to evaluate the environmental performance of Suppliers/vendors with respect to Emissions, Materials, Water, Chemicals, etc.

Greenko is working with its supply chain partners on saving diesel by changing the packing configuration, changing the port etc. of every order.

The Group also works for a better End-of-life (EOL) Management for the belowmentioned products but, is not limited to engaging the certified Waste Carriers, Hazardous Waste Disposal License and Waste Operator Licensees, etc.

Items covered under Environmental stewardship programs for EOL management

Value Creation Story: Recycle and Reuse of Crushed Concrete Cube wastes

Location: Himachal Pradesh, Andhra Pradesh, Madhya Pradesh, Telangana

Partners Involved: Jeori projects, Ghani Solar Project, Jilesh Power


Along with its partners, Greenko initiated various projects to utilize the waste concrete cubes generated from concrete testing samples. The cubes are used as alternatives for bricks in constructing various structures like Walls, Pedestals, Steps, Water tanks, Earth pit chambers, Poles. Greenko will continue to give a second life to these concrete cubes and continues to divert them from landfills.

Benefits Achieved

  • Diversion of Construction wastes from Landfills
  • Reduction in Construction cost of new structures

Innovative Approach of the Project

Greenko has extended the life of concrete cubes which would otherwise be sent to landfills. These concrete cubes are stronger than brick and hence, there is no additional requirement for rendering works which result in cost saving.

Value Created

The crushed cubes are used for construction of the following non-structural elements:

I. Construction of the following at plant areas and villages:

  • Pedestal for containers and restroom walls, RO plants, etc.
  • Construction of walls for water tank in the project area
  • Kerb walls for roads

II. Base for cleaning area and ground clearance for storage material, drainage works.

III. Recycled aggregate/ crushed concrete cube used for pavement subgrade.

IV. To make cage wall for plants and trees

Construction of Surface Water Storage tank with concrete cubes, Madhya Pradesh

(GRI 306-2)

(GRI 305-1, 305-2, 305-3), (GRI 305-5)

(GRI 305-7), (GRI 301-1, 301-2)

(GRI 306-3), (GRI 306-4), (GRI 306-5)

(GRI 303-5)

(GRI 304-1, 304-2, 304-3, 304-4)

GRI (308-1, 308-2)

Looking Ahead

Greenko’s approach towards minimizing the impacts on environmental resources encompasses various strategies mitigating climate change, understanding and addressing climate risks, harnessing circular economy and protection and restoration of ecosystems and biodiversity. With a focus on the Circular Economy, Greenko is accelerating its efforts in ‘self O&M’ and looking forward to developing partnerships for exploring ‘second life’, ‘re-engineer’ ‘re- manufacture, and ‘reuse’ options for its assets, at the end of its life cycle.

The organization will continue its flagship initiatives to protect and promote biodiversity by planting trees, conservation of one endangered species in one year, natural fish farming. Greenko is adapting to new climate normal by upgrading its infrastructure. Greenko is upgrading its business models to effectively harness the imperatives of mitigating climate change and social and economic processes aligning with UNSDGs.