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Message from the CFO

As a part of our journey towards GKO 3.0 and 4.0, we started to deal directly with customer for the sale of variable renewable energy through open access and firm renewable energy through innovative PPAs in keeping with recent provisions in the regulations for energy storage 4.0.

Dear Stakeholders,

Through our fifth Integrated Report, we wish to present to you our non-financial as well as economic performance for the Financial Year 2021-22. We, at Greenko, endeavour to involve all the relevant stakeholders during the process of substantiative decision-making in order to arrive at an informed and well-consulted decision. Due to our sustainable practices and balanced financial position, we have been amongst the top 3 clean energy companies globally. The Group has well diversified sources of revenue – diversified renewable generation technologies and diversified PPA structures, which include the Feed-in tariffs, APPC tariffs, and Third-party direct sales.

As a part of our journey towards GKO 3.0 and 4.0, we started to deal directly with customer for the sale of variable renewable energy through open access and firm renewable energy through innovative PPAs in keeping with recent provisions in the regulations for energy storage 4.0. We are integrating ESG into operations, and developing and deploying risk management framework.

We could enhance the RE generation by 16.07% in the current financial year by increasing our wind portfolio capacity by 14% over the previous year. We could also successfully raise funds to the tune of USD 750 million through green offshore bonds with our Net Debt to Equity ratio standing at 2.42x. Stable operations and improving receivables profile would help us in reducing our debt and improve our capex spending within the next 3 financial years. During the reporting period, our EBITDA rose by 24% from 430.74 (million USD) to 570.24 (million USD). Significant share of our capital expenditure is for developing and construction of our pumped storage projects. This also shows our commitment towards aligning our thoughts and investments with the expectations of our shareholders for investments to provide solutions for energy transition and industrial decarbonisation.

We could enhance the RE generation by 16.8% in the current financial year by increasing our wind portfolio capacity by 14% over the previous year. We could also successfully raise funds to the tune of USD 750 million through green offshore bonds with our Net Debt to Equity ratio standing at 2.42x

We strive continuously to align ourselves with the vision of our leadership for achieving Net Zero GHG emissions in our operations and mitigate the physical and transitional climate risks that our operations encounter. We endeavour to align our operations with the goals of UNSDG 7 Affordable energy, 11 sustainable cities and communities, 12 responsible consumption and production and 13 climate action.

We shall continue to work towards generating economic value for all our stakeholders including the shareholders through responsible and sustainable operations and practices.

Vasudeva Rao Kaipa Chief Financial Officer

Decarbonisation Solutions Platform

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