BUILDING, OWNING &
OPERATING
HIGH-QUALITY RENEWABLE ENERGY ASSETS
BY LEVERAGING LEADING-
EDGE TECHNOLOGIES FOR
A STABLE AND INCLUSIVE
FUTURE.

ABOUT GREENKO
GROUP

Greenko is one of India’s leading Renewable Energy companies, replacing fossil fuels with integrated decarbonized energy and grid assets enabling sustainable and affordable energy, with a net installed capacity of 7.5 GWdc across 15 States in India.

The group is committed towards transforming renewable energy from real-time energy to a dispatchable and controlled medium through digitization and storage solutions to support the economy-wide shift towards a carbon-neutral electricity mix in the Country. The company has already initiated Integrated Renewable Energy Storage Projects in the states of AP, MP and Karnataka. Headquartered in Hyderabad, India, Greenko is leading the digitization, decarbonization and decentralization of the Indian energy market by providing utility-scale, clean and affordable energy to meet the country’s long-term energy security needs.

With a core belief in sustainability both operationally and environmentally, Greenko maintains a continuous involvement in localised projects and community programmes which centre on Education, Health and Wellbeing, Environmental Stewardship and Rural Infrastructure.

The privately owned group takes a long-term view of business, guided by strong corporate values, high ethical standards, and an able shareholder base which includes sovereign wealth funds GIC and ADIA. Greenko's ultimate holding company is Greenko Energy Holdings, which is incorporated in Mauritius.

Vision
Play Arrow To be the most admired Group in the Indian energy sector.
Play Arrow Build, Own and Operate high-quality energy assets with sustainable management practices leveraging leading-edge technologies.
Play Arrow Build powerful public-private-people alliances for effective
sustainable community development.
Play Arrow Strive for cumulative progress in the projects we undertake in the
communities.

Creating an ecosystem of inclusive
renewable assets in diverse environments.

38

PLANTS

1607 MWp

OPERATING
CAPACITY

4

PLANTS

1319 MWp

OPERATING
CAPACITY

28

PLANTS

1312 MWp

OPERATING
CAPACITY

55

PLANTS

2916 MWp

OPERATING
CAPACITY

Team

Mr. Om Prakash Bhatt

Chairman


Mr. Bhatt is the former Chairman of State Bank of India ("SBI"), India's largest banking and financial services company in India, by assets. He started his career in 1972, as a probationary officer with SBI. During his tenure, Mr. Bhatt led SBI through challenging times and was instrumental in SBI finding place on the Global List rankings of Fortune 500.

Mr. Bhatt was the Chairman of the Indian Banks' Association. Mr. Bhatt is also the recipient of numerous awards and recognitions during his career, including the "CNN-IBN Indian of the Year for Business", in 2007.

Mr. Bhatt holds a Graduate degree in Physics and a Post Graduate degree in English literature. He is currently serving as an independent director on the Boards of Hindustam Unilever Limited, Tata Consultancy Services Limited, Tata Steel Limited and Standard Chartered PLC.

Team

Mr. Anil Kumar Chalamalasetty

Founder, Chief Executive & Managing Director


Mr. Chalamalasetty had an extended entrepreneurial career during which he was involved in evolving start-up businesses in Information Technology, Infrastructure and Environmental sectors in the United Kingdom and India. Mr. Chalamalasetty is experienced in mergers and acquisitions, transition and project management with a successful track record of managing operations involving large remote teams. He co-founded and developed the Company with Mahesh Kolli in 2004 and incorporated it in early-2006 to raise funds for financing early operations. He is responsible for effectively implementing the strategic business road map of the Company. Mr. Chalamalasetty is a graduate in Computer Science and holds a Masters from North West University.

Team

Mr. Mahesh Kolli

Founder, President & Joint Managing Director


Mahesh started his career in the energy sector and went on to build his entrepreneurial interests in Information Technology and Environmental space. His entrepreneur journey started with an environmental solutions company focused on technology transfer from developed markets to India. He co-founded Greenko Group along with Mr Anil Chalamalasetty in 2006. Within Greenko, he is responsible for driving the vision, business development and new project initiatives of the Group. Mahesh is a regular speaker at Carbon Market & Clean Energy conferences around the world and is a graduate in Mechanical Engineering from Karnataka, India.

Team

Mr. Vasudeva Rao Kaipa

Executive Director & Chief Financial Officer


Mr. Vasudeva Rao Kaipa Joined the Board in Feb 2012. Prior to Greenko, he was an Executive Director for XL Energy Ltd (from 2005) which has diversifed interests including signifcant solar power operations and organized its IPO to the Indian Stock Exchange in 2006. He also served on the Board of Directors of GSS America Infotech Ltd, a Software Services Company which he advised and helped organize its IPO and NEST Ltd. Vasu also served as an Executive Director at Goldstone Technologies Ltd and also worked for Kirloskar Electric, in a number of key fnance roles.

Team

Mr. Purushotham C

Chief Compliance Officer


Mr. Purushotham is the company secretary for the Group and head’s legal, compliance and commercials functions of the company. He has over 30 years of experience in Energy and manufacturing sector including Coal India, as senior member of the Institute of Costs and Works Accountants of India (FICWA) & Institute of Company Secretaries of India (ACS), with bachelor degrees in Commerce (B.Com) and Law (B.L). He is also qualified in the CPA exams conducted by AICPA, USA. Mr. Purushotham leads PPA discussions with utilities, regulatory and commercial consumers and heads risk management functions.

THE VALUES BEHIND OUR ENDEAVOURS.

STAKEHOLDER
INCLUSIVENESS

Engage with all the Greenko stakeholders in an inclusive manner for sustainable development of the organization.

EXCELLENCE

Strive for excellence to deliver roles and responsibilities to achieve measurable results in developing, owning and operating world class assets.

ETHICAL

Act with fairness, integrity and honesty with all Greenko stakeholders.

DISCIPLINE

Adherence to company policies and GIMS with a sense of ownership.

INNOVATION

Adopt and encourage use of technology and innovative approaches to deliver breakthrough business results.

TEAMWORK

Achieve organizational objectives with respect and dignity towards all participants of Greenko in a positive and collaborative work environment.

THE EVOLUTION OF GREENKO (GKO)

milestones

ACHIEVEMENTS AND RECOGNITION

Achievement
SAKSHI EXCELLENCE AWARDS FOR ENVIRONMENT - CORPORATE 2021

Sakshi Excellence Awards for Environment - Corporate 2021


Sakshi Excellence Awards for Environment - Corporate 2021

In honour of the services rendered to the two Telugu States, "Excellence in Environmental Conservation - Corporate" award was presented to Greenko. The award was received by Mrs Swathi Chalamalasetty from the Honourable Governor of Andhra Pradesh Shri Bishwa Bhushan Harichandan and Mrs. YS Bharati, Chairperson of Sakshi Media Group on 21st October 2022 at JRC Convention Center, Jubilee Hills, Hyderabad.

Achievement
IPPAI AWARDS 2022

IPPAI Awards 2022




IPPAI AWARDS 2022

IPPAI Awards are one of the most prestigious awards in the Indian power sector that acknowledges and celebrates the achievements of the Outstanding Performers who have significantly contributed to the development of the power sector in India.

IPPAI along with its Knowledge Partner Deloitte Touche Tohmatsu LLP did the preliminary screening of the nominations received from Pan India and the jury members (Eminent personalities from the Industry) evaluated the results & finalize the winners.

As part of 22nd Regulators & Policymakers Retreat (RPR) held at Belgaum on 8th & 9th of April 2022, IPPAI recognizing the efforts in the fields of HYDRO, WIND & SOLAR, Greenko was awarded the following awards:

1. Outstanding Performance award for Best Hydro Power Generator

2. Outstanding Performance award for Best Solar Developer

3. Winner Award for Best Wind Developer.

Over the years, RPR has received support and participation from senior members in the Ministry of Power, Ministry of Coal, Ministry of New and Renewable Energy, central and state electricity regulatory commissions, transmission and distribution companies, power exchanges, industry, Indian and international thought leaders in energy, besides stakeholders in the sector.

Achievement
THE MOST INNOVATIVE COMPANY AWARD 2022

The Most Innovative Company Award 2022


The Most Innovative Company Award 2022

Founder, President and JMD Greenko, Mr Mahesh Kolli receives “ The Most Innovative Company Award” from the Honourable Governor of Telangana, Dr Tamilisai Soundararajan at an awards function conducted by CEO club India at Hyderabad on 27th March 2022

Achievement
WORLD SUSTAINABILITY LEADERSHIP AWARDS 2021

World Sustainability Leadership Awards 2021


World Sustainability Leadership Awards 2021

Excellence in Sustainable & Operational Management is awarded to Greenko from World Sustainability Leadership Awards 2021 for our efforts and initiatives towards implementing sustainable operational management.

Chief Sustainability Officer Dr. Rambabu received the prestigious award at an event held in Mumbai.

Achievement
19TH ANNUAL GREENTECH SAFETY AWARD 2020

19th Annual Greentech Safety Award 2020


19th Annual Greentech Safety Award 2020

Three Greenko projects received awards during the "19th Annual Greentech Safety Award 2020" conducted by Greentech Foundation on 12 Feb'21 at Mahabalipuram The awards were presented by Mr. Kamleshwar Sharan - President of Greentech Foundation (left) & Mr. S D Maske Retired - Executive Director at Oil & Natural Gas Corporation Limited (ONGC) & Sr. Advisor New Ventures Cairn Oil & Gas Vedanta Limited.

1) M/s Greenko Sneha Kinetic Power Projects Private Limited as WINNER for outstanding achievements in "Industry Sector Safety Excellence " category, received by Mr. G V N Raju.

2) M/s Greenko Rayala Wind Power Pvt. Ltd. as WINNER for outstanding achievements in "Leadership in Innovative Safety Practices" category, received by Mr. Balaji Chitlu.

3) M/s SEI Aditi Power Pvt. Ltd. as WINNER for outstanding achievements in "Safety Team of the Year " category, received by Mr. Thippeswamy TH.

Achievement
THE ASIAN POWER AWARDS 2020

The Asian Power Awards 2020


The Asian Power Awards 2020

The Asian Power Awards 2020, the region's most prestigious awards also known as the Oscars of the Power Industry has awarded Greenko Group for:

1. Corporate Social Responsibility Initiative of the Year - India

Greenko was recognised as a winner in the first year of Awards inclusion in the Asia Power Awards for its efforts towards conservation of biodiversity,especifically for the program on Conservation of Great Indian Bustard (GIB) at Rollapadu Wildlife Sanctuary at its Kurnool Ultra Mega Solar Park in Kurnool, Andhra Pradesh.

2. Power Plant Upgrade of the Year - India

Greenko Budhil Hydro Power Private Limted has won the award under Power plant upgrade of the year category for upgrading its opertaions by digitalization using state of art technology.

Achievement
THE WINNER OF SAFETY AWARD (NATIONAL LEVEL)

The Winner of Safety Award (National Level)


The Winner of Safety Award (National Level)

Greenko Group has been adjudged the winner of Safety Award (National Level) in the Global Safety Summit 2020 from Renewable Energy Sector.

Global Safety Summit 2020 is Organized By Fire and Safety Forum in association with United Nations Global Compact Network India. Fire and Safety Forum is a Registered Charity from India Reg.No: ER756/09, Member of Quality Council of India: CORP/EDU/5231/2020-2021 Member of Niti Ayog : VO/NGO/KL/2017/0154259.

Achievement
GOLDEN PEACOCK AWARD FOR CSR 2019

Golden Peacock Award for CSR 2019


Golden Peacock Award for CSR 2019

The Golden Peacock Excellence for CSR Award & Certificate for the year 2019 was presented to ‘Greenko Solar Energy Private Limited’, at a specially organised presentation ceremony, held at hotel Taj Lands End, Mumbai on Wednesday, 4th March 2020, in the presence of a distinguished gathering of business leaders at “The Institute of Director’s 14th International Conference on CORPORATE SOCIAL RESPONSIBILITY”.

The award for the company was received by Mr. CVS Diwakar, VP-CSR and Mrs Swathi Reddy, VP–Corporate Communications, from Mrs Rajashree Birla (Chairperson Aditya Birla Centre for Community Initiatives & Rural Development & Director on the Boards of Aditya Birla Group of Companies) & Hon Justice Cyriac Joseph, (Lok Ayuktha Kerala, Former Chief Justice of Karnataka & Uttarkhand High Courts, Former Judge, Supreme Court of India & Former Chairperson & Member of National Human Rights Commission).

Achievement
IPPAI AWARDS 2019

IPPAI Awards 2019


IPPAI Awards 2019

On the 5th and 7th of December in Goa, the Greenko Group was awarded the IPPAI award for the year 2019. Recognizing the efforts the company has made in the fields of Hydro, Wind and Solar, the company was awarded the following awards:

  1. Out Standing Performance award for Best Solar PV Developer
  2. Winner Award for Best Hydro Power Plant - Output 25 MW
  3. IPPAI POWER Awards-2019: Winner Award for Best Wind Generator
Achievement
ASIAN POWER AWARDS 2019

Asian Power Awards 2019


Asian Power Awards 2019

The Asian Power Awards 2019 were held on the 4th of September 2019, at the Shangri La hotel in Kuala Lampur. In recognition of its brilliance in the field, the company received the following awards:

Solar Power Project of the Year - India

• Greenko’s 816 MWp Kurnool Ultra Mega Solar Park

Wind Power Project of the Year - India

• Greenko Rayala Wind Power Private Limited

Environmental Upgrade of the Year - India

• Greenko Rayala Wind Power Private Limited

Achievement
CII PERFORMANCE EXCELLENCE AWARDS 2019 FOR SOLAR & WIND PLANTS

CII Performance Excellence Awards 2019 for Solar & Wind Plants


CII Performance Excellence Awards 2019 for Solar & Wind Plants

CII Performance Excellence Awards 2019 for Solar & Wind Plants, organized by the Green Power 2019 Conference & Exposition was held on 23rd & 24th July in Chennai.

Greenko was awarded for its excellence in the field of solar and wind. These awards increased the company's standing, propelling it to the forefront of clean and green energy.

Achievement
DIVYESH POWER WINNER OF GOLDEN PEACOCK ECO-INNOVATION AWARD-2019

Divyesh Power WINNER of Golden Peacock Eco-Innovation Award-2019

Divyesh Power WINNER of Golden Peacock Eco-Innovation Award-2019

Divyesh Power Private Limited, of Ghani Solar Park, Kurnool has been declared as the Winner of ‘Golden Peacock Eco-Innovation Award’ (for ““MOCE” Module Cleaning Efficiency”- a method to optimize water usage by identifying the right time to clean the modules & effectiveness of cleaning ), for the year 2019 by the Awards Jury under the Chairmanship of Justice (Dr.) Arijit Pasayat, former Judge, Supreme Court of India.

The Golden Peacock Award Trophy and a Certificate was presented to Greenko, at a specially organised 'Golden Peacock Awards Presentation Ceremony', held at JW Marriott Hotel, Bengaluru on Thursday, 4th July 2019, in the presence of a distinguished gathering of business leaders during IOD, India's "21st World Congress on ENVIRONMENT MANAGEMENT and CLIMATE CHANGE.

The award was received by Mr. Haridas Menon, COO-GAM and Mr. Nagendra Dandamudi, EVP-Organizational Development, from Mr R.V. Deshpande, Revenue Minister, Karnataka State.

Achievement
AMR POWER PVT LIMITED AWARDED - GREEN COMPANY SILVER RATING BY CII - GODREJ GBC

AMR Power Pvt Limited Awarded - Green Company Silver rating by CII - Godrej GBC

AMR Power Pvt Limited Awarded - Green Company Silver rating by CII - Godrej GBC

AMR Power Private Limited, Mangalore has been awarded Green Company Silver Rating Certificate for implementing CII - Green Company Rating System from CII-Godrej GBC at the award ceremony held on 4th July 2019, at GreenCo Summit-2019, Delhi.

CII- Godrej Green Business Centre aims at promoting concepts of resource efficiency, circular economy, greening the supply chain, design for environment, product stewardship, life cycle assessment, energy & water efficiency, Zero waste to landfill etc.

With this award AMR has now become the first Hydro Power plant to receive a Green Company Silver rating.

Achievement
THE UNICORN AWARD

The Unicorn Award

The Unicorn Award

In Feb 2019 the CEO club India awarded Mr. Mahesh Kolli with “The Unicorn Award” for Greenko which has shown exponential growth in its ten years of operation to become the largest clean energy company operating in India.

Achievement
BEST UTILITY SCALE DEVELOPER OF THE YEAR

Best Utility Scale Developer of the year

Best Utility Scale Developer of the year

Greenko has been felicitated with the ”Best Utility Scale Developer of the year” Award in solar category by EQ International Magazine.

The Award was presented to Greenko at EQ’s Tamil Nadu State Annual Solar Awards 2019 Ceremony at Suryacon Chennai Conference on 27th of February 2019 in Chennai.

Achievement
CBIP AWARD 2019

CBIP Award 2019

CBIP AWARD 2019

The year 2019 has commenced on a good note for Greenko by receiving an award from Central Board of Irrigation & Power (CBIP), a premier Central Government Institution that recognizes & honours organisations which contribute to the Nation in the development of water and energy resources.

At an awards ceremony conducted on 4th Jan at Delhi ,Greenko was presented with“ CBIP Award for Outstanding contribution for development in Renewable Energy sector ” by Shri Raj Kumar Singh Honourable Minister of State for Power & New & Renewable Energy. The award was collected by Mr Vasudev Kaipa, Chief Financial Office, Greenko.

Achievement
"LEADERSHIP IN PERFORMANCE AWARD" BY CII-GODREJ IN BOTH WIND & SOLAR CATEGORY

"Leadership in Performance Award" by CII-Godrej in both Wind & Solar Category

"Leadership in Performance Award" by CII-Godrej in both Wind & Solar Category

Renewable Energy Council (RE Council) of CII-Godrej GBC has instituted “Performance Excellence Awards" for Solar and Wind Plants 2018 to recognise and award the best performing solar and wind plants in the country. The Award Ceremony was organized on 5th of December 2018 in Hotel ITC Grand Chola, Chennai.

It was a delightful evening for Greenko as we have received the awards “Leadership in Performance” for SEI Mihir (Kurnool) under Solar category and Tanot Wind for Wind category.

The Main objective of instituting these awards is to recognise and reward Leadership and Excellence in operation of solar and wind plants in the country, to motivate the industry towards competitiveness, innovation and quality-consciousness as well as to accelerate the Renewable Energy movement in the industry, through wider dissemination of best practices.

Achievement
ANIMALA AND ZUVAN RECEIVED GREEN COMPANY GOLD RATING

Animala and Zuvan Received Green Company Gold Rating

Animala and Zuvan Received Green Company Gold Rating

Animala Wind Power Pvt Ltd and Zuvan Energy Pvt Ltd of Ghani Solar Park, Kurnool have received Green Company Gold Rating from CII-Godrej GBC at a specially organised Awards Ceremony during the Green Power Conference & Exposition on Renewable Energy 2018 at ITC, Grand Chola, Gunidy, Chennai on 4th December, 2018.

The sites have set the targets and implemented improvement actions in the areas of 1. Energy Efficiency, 2. Water management, 3. Waste management, 4. Greenhouse gas emission reduction, 5. Material Conservation, 6. Green Supply chain, 7. Product stewardship & Life Cycle assessment, 8. Innovation for Environment and 9. Green infrastructure.

Greenko is the First Renewable Energy Company to receive a “Green Company Rating”.

Achievement
Independent Power Producers Association of India 2018 AWARDS - BEST SOLAR GENERATOR

Independent Power Producers Association of India 2018 Awards - Best Solar Generator

IPPAI 2018 Awards - Best Solar Generator

At a function in Belgavi on 24th Nov 2018, IPPAI (Independent Power Producers Association of India) awarded Greenko and handed over the trophy & certificate for the Best Solar Generator.

IPPAI Awards are one of the most prestigious awards in the Indian power sector that acknowledges and celebrates the achievements of the Outstanding Performers who have significantly contributed to the development of the power sector in India. IPPAI along with its Knowledge Partner Deloitte did the preliminary screening of the nominations received from Pan India and the jury members (Eminent personalities from the Industry) evaluated the result submitted by IPPAI & Deloitte to short-list / select/ finalize the winners.

Achievement
IPPAI 2018 AWARDS - RUNNER UP TO THE BEST WIND GENERATOR

IPPAI 2018 Awards - Runner up to the Best Wind Generator

IPPAI 2018 Awards - Runner up to the Best Wind Generator

At a function in Belgavi on 24th Nov 2018, IPPAI (Independent Power Producers Association of India) awarded Greenko and handed over the trophy & certificate for Runner up to the Best Wind Generator.

IPPAI Awards are one of the most prestigious awards in the Indian power sector that acknowledges and celebrates the achievements of the Outstanding Performers who have significantly contributed to the development of the power sector in India. IPPAI along with its Knowledge Partner Deloitte did the preliminary screening of the nominations received from Pan India and the jury members (Eminent personalities from the Industry) evaluated the result submitted by IPPAI & Deloitte to short-list / select/ finalize the winners.

Achievement
GOLDEN PEACOCK AWARD FOR GREENKO BUDHIL HEP

Golden Peacock Award for Greenko Budhil HEP

Golden Peacock Award for

Greenko Budhil HEP

Greenko Budhil Hydro Power Plant has been declared as the “Golden Peacock Occupational Health & Safety Award Winner” for the year 2018, by the Awards Jury under the Chairmanship of Justice (Dr.) Arijit Pasayat, former Judge, Supreme Court of India.

The Golden Peacock Award Trophy and a Certificate was presented to Greenko, at a specially organised 'Golden Peacock Awards Presentation Ceremony', at Hotel Le Meridien, New Delhi on 7th July 2018 in the presence of distinguished gathering of business leaders during IOD, India's "20th annual World Congress on ENVIRONMENT MANAGEMENT AND CLIMATE CHANGE ".

The award was collected by Mr Prasad Raju JVSD, Sr VP Hydro and Mr. Suresh Chand Kalsi, GM Budhil Hydro Electric Plant.

Achievement
GREENKO RECEIVES THE 'NATIONAL POWER LEADERSHIP AWARD' AT THE NATIONAL POWER SUMMIT

Greenko receives the 'National Power Leadership Award' at the National Power Summit

Greenko receives the 'National Power Leadership Award' at the National Power Summit

Greenko receives the 'National Power Leadership Award' at the National Power Summit, Hyderabad - 2018 organised by Telangana State Energy Department and Elets Technomedia Pvt Ltd., on February 9, 2018 in Hyderabad.

National Power Leadership Award was accorded to Greenko Group for its contribution in the Clean Energy sector & being instrumental in construction of world's largest solar park in Kurnool District, Andhra Pradesh.

The award was presented by Shri Ajay Mishra, Special Chief Secretary, Energy Department, Government of Telangana and was received by Mr. C Purushotham, Director Finance, Greenko.

Achievement
GREENKO WINS 'THE CONGLOMERATE OF THE YEAR' @ TV5 BUSINESS LEADERSHIP AWARDS 2017

Greenko wins 'the Conglomerate of the year' @ tv5 business leadership awards 2017

Greenko wins 'The Conglomerate of the year' @ TV5 Business Leadership Awards 2017

Greenko has been awarded as the 'Conglomerate of the year 2017' for being a leader in Clean Energy Sector, at Business Leadership awards conducted by TV5 news channel.

The award was presented by Shri C. Vidyasagar Rao, Governor for State of Maharashtra to our MD & CEO, Mr. Anil Chalamalasetty at a glittering ceremony held in Hyderabad on 23rd Dec 2017.

TV5 is a leading business news channel of Andhra Pradesh & Telangana and has been conducting 'Business Leadership Awards' , to recognize & felicitate companies excelling in their sectors.

This is the 3rd edition of the awards, the earlier two were conducted in the year 2013 & 2015.

Achievement
THE SOUTH INDIAN BUSINESS ACHIEVERS AWARDS

The South Indian Business Achievers Awards

The South Indian Business Achievers Awards

The South Indian Business Achievers (SIBA), an internationally conducted awards night, in association with Ernst & Young, brought together top business leaders and achievers from all over the globe with a South Indian lineage. SIBA recognised the outstanding work from individuals fromacross all businesses and professions within the South Indian Diaspora and acknowledged the accomplishments of the finest in the community. Hon. Minister Shri K.T. Rama Rao, Cabinet Minister for IT E&C, MA & UD,, Industries & Commerce, Mines & Geology, Public Enterprises and NRI Affairs - Govt. of Telangana distributed the awards to the winners. In attendance were about 300 premier South Indian Businessmen from across the world, 25 Top Film Celebrities across South India, Ministers from the Govt. of Singapore, Ministers from the Govt. of India and Govt. officials from South Indian States.

Achievement
YOUNG ENTREPRENEUR OF THE YEAR 2011

young entrepreneur of the year 2011

Young Entrepreneur of the Year 2011

Mr. Anil Kumar Chalamalasetty was selected as the Young Entrepreneur of the Year 2011. He was unanimously chosen by the jury of Zee 24 Gantalu - Parishramika Puraskaralu as the 'Young Entrepreneur of the Year' from Andhra Pradesh for his outstanding achievements in the field of Business.

He was felicitated with the award on 18th March 2011 in a function presided by the honorable Chief Minister of Andhra Pradesh Mr. N Kiran Kumar Reddy and Mrs. J Geeta Reddy, Minister for Major Industries, AP.

GREENKO IN THE NEWS

KEPPEL INFRASTRUCTURE PARTNERS GREENKO FOR GREEN AMMONIA

Economic Times - Oct 25, 2022

Keppel Infrastructure partners Greenko for green ammonia

Singapore-based Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure) has tied up with Greenko Group (Greenko), to jointly explore green ammonia and renewable energy opportunities to meet the growing demand for low carbon energy in India, Singapore, and globally. The MoU will explore the feasibility of jointly developing a production facility which can produce at least 250,000 tonnes of green ammonia per year, the companies said today. Keppel Infrastructure (KI) is a wholly-owned subsidiary of Keppel Corporation, a Singapore flagship multinational company providing solutions for sustainable urbanisation. In addition, the companies will jointly identify and evaluate a portfolio of solar and wind energy projects, up to an installed capacity of approximately 1.3 GW, with an investment of $1.5 billion, complemented by pumped hydro-storage, to power the green ammonia production facility.

Green ammonia is made with green hydrogen that comes from water electrolysis powered by renewable power. Greenko will produce the green ammonia in India and export the molecules to Singapore. It will use ammonia for industrial use or split it further using its own 6GW turbine to split it further into green hydrogen. The turbine will run on solar and wind power. As more countries journey towards net zero emissions to fight climate change, there is a growing interest internationally to use green ammonia as a direct feedstock for carbon-free energy generation, because when it is used as a fuel, green ammonia does not generate any CO2. Green ammonia can also be used as a hydrogen carrier to provide green hydrogen solutions for hard to abate sectors like chemical and heavy industries.

In addition, green ammonia may be used to replace bunker fuels to decarbonise the global maritime industry.

The International Energy Agency recognised ammonia - along with hydrogen - as an important fuel for future electricity generation. Cindy Lim, CEO of Keppel Infrastructure, said, "This MOU with Greenko further underlines Keppel's strategy to be at the forefront of providing innovative, sustainable energy solutions to help the world combat climate change. This is in line with Keppel's Vision 2030, which places sustainability at the core of the Group's strategy." The collaboration between KI and Greenko will also support India's goal to manufacture five million tonnes of green hydrogen per annum by 2030 and become a production and export hub for the fuel.

Anil Kumar Chalamalasetty, CEO and Managing Director at Greenko said, "The transformation of India from a carbon-based fossil energy importer to an exporter of renewable energy-derived products like green hydrogen, green ammonia, and other green molecules, is the cornerstone of Greenko' s strategy for future growth. Along with Greenko's Intelligent Renewable Energy Storage Platform (IRESP) and foray into electrolyser manufacturing, partnerships like these with Keppel are key enabling aspects in an accelerated execution of this vision."

JSP SIGNS MOU WITH GREENKO FOR 1000 MW CARBON-FREE ENERGY

The Hindu BusinessLine - Oct 19, 2022

JSP SIGNS MOU WITH GREENKO FOR 1000 MW CARBON-FREE ENERGY

Naveen Jindal-promoted Jindal Steel & Power, has signed an MoU with Greenko Group to facilitate 1000 MW of carbon-free energy for its steel-making operations at Angul, Odisha. The MoU signing is keeping in line with its goal to become a net zero steel company by 2035. As per a release issued by the steel-maker, Greenko will assist JSP in design of the comprehensive energy solution - including the design & development of the associated renewable energy capacity, identification of potential strategic investor(s) for the RE capacity and making available energy storage capacity.

Target

The proposed 1000 MW carbon-free energy is targeted to meet the existing and incremental power demand of JSP’s Angul facility. Once completed, it will ensure the reduction of approximately 7 million tonnes of CO2 annually.

Energy storage capacity

As part of the proposed transaction, Greenko Group shall offer energy storage capacity from its Off-Stream Closed Loop Pumped Storage Project (OCPSP) under development in Madhya Pradesh and Rajasthan. “We already have Green Hydrogen ready DRI units present at Angul using syn-gas,” Bimlendra Jha, Managing Director, Jindal Steel & Power said.

ONGC ties up with Greenko for green hydrogen foray

The Times of India - Jul 28, 2022

ONGC ties up with Greenko for green hydrogen foray

NEW DELHI: State-run ONGC is planning a joint venture with Hyderabad-based renewables major Greenko group for foraying into the green hydrogen and green hydrogen derivatives market.

The joint venture will develop a green ammonia production and storage facility for export purpose. The facility will have a capacity to produce one million tonne per annum of green ammonia through a 1.3 gigawatts (GW) green hydrogen plant, leveraging Greenko's exclusive partnership with John Cockerill.

The project will need about 6 GW of solar and wind power coupled with Greenko's pumped-hydro energy storage platform to generate 1.4 GW of round-the-clock renewable power, the companies said in a joint statement.

Greenko, John Cockeril join hands for hydrogen electrolyzers

The Hindu BusinessLine - Apr 12, 2022

Greenko, John Cockeril join hands for hydrogen electrolyzers

Greenko ZeroC (GZC), a subsidiary of Greenko Group and John Cockerill, a Belgium-based designer and manufacturer of high-capacity alkaline electrolyzers have signed a framework agreement to exclusively partner in joint market development initiatives for Green Hydrogen Electrolyzers in India.

The tie-up would accelerate the deployment of the green hydrogen ecosystem in India and enable building a gigawatt electrolyser manufacturing plant, with target to ramp up to two gigawatt.

GZC and John Cockerill will combine their strengths to collaborate in all spheres of market evolution for green hydrogen electrolyzers, converting clean energy into carbon free hydrogen.

The pressurised alkaline technology provided by John Cockerill and being the best adapted to the "large scale" hydrogen applications along with Greenko’s lowest cost RE-RTC (round the clock) solutions will enable the lowest Levelised Cost of Hydrogen necessary for the implementation of a large H2 ecosystem in India.

The Gigafactory will include, the full manufacturing electrolyser value chain, including modern nickel coating and will produce electrolysers delivering H2 at 30 bars at the outlet at the highest purity level.

Greenko is already building capacity to cater to the rapidly evolving green hydrogen market globally.

Greenko aims to deliver internationally cost-competitive green hydrogen and associated green molecules.

John Cockerill is, among other technologies, developing the world’s highest capacity electrolysers (6.5 MW commercial) and manufacturing facilities across the globe.

This partnership will facilitate low-cost hydrogen production by enabling delivery of electrolyzers at scale in India, within the next years.

The developments in the H2 industry will help large local industries (refineries, fertilizer plant and steel), the implementation of a large-scale energy ecosystem focused on renewable energies (PV, wind, hydro) and the development of H2 mobility in India.

Anil Chalamalasetty, Greenko, MD, said, the company is partnering with a world-class technology partner in John Cockerill and will jointly develop large-scale green molecule projects in India, accelerating the creation of a hydrogen economy.

Raphael Tilot, CEO, John Cockerill Renewables, said, the partnership will contribute to India’s emergence as a new green energy hub with abundant natural resources, a large domestic market and the potential to cater to the growth of this market globally.

ArcelorMittal, Greenko to set up $600 mn renewable energy project

Business Standard - Mar 23, 2022

ArcelorMittal, Greenko to set up $600 mn renewable energy project

The world’s second largest steel producer, ArcelorMittal, has entered into a strategic partnership with one of India’s leading renewable energy companies, the Greenko Group, for a project that will power the decarbonisation journey of ArcelorMittal Nippon Steel India (AM/NS India).

The contours of the arrangement are like this: The two companies will work together to construct a “round-the-clock” 975 Mw of nominal solar and wind capacity project. The $600 million project, which will be supported by Greenko’s hydro pumped storage project, will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh, South India. AM/NS India – ArcelorMittal’s joint venture in India – will sign a 25-year offtake agreement with ArcelorMittal to purchase 250 Mw of renewable power annually from the project.

The commissioning is expected by mid-2024 and the transmission will be through Power Grid Corporation of India.

According to the statement, this will result in over 20 per cent of the electricity requirement at AM/NS India’s Hazira plant coming from renewable sources, reducing carbon emissions by approximately 1.5 million tonnes per year.

The project offers AM/NS India the dual benefits of lower electricity costs and lower CO2 emissions, and it also provides an attractive return on investment for ArcelorMittal, the statement further said.

ArcelorMittal has a 60 per cent equity interest in AM/NS India. In 2019, it had acquired Essar Steel jointly with Nippon Steel under the insolvency law and the joint venture was named AM/NS India.

Commenting on the partnership with Greenko, Aditya Mittal, CEO, ArcelorMittal, said, “This is an attractive opportunity for ArcelorMittal. We will be partnering with a highly experienced energy transition company in a project that will enable our joint venture company AM/NS India to reduce both its electricity costs and carbon emissions, as well as providing consistent, guaranteed returns for ArcelorMittal.”

“Large amounts of green energy are one of the key foundations for both a net zero economy and a decarbonised steel industry.

We are excited about the potential of replicating this model in other regions. It demonstrates how establishing partnerships and collaborating across the supply chain can help us to progress faster towards our decarbonisation targets,” Mittal said.

The steel industry contributes between 7 and 9 per cent to global emissions, and players across the world are setting goals for reducing their carbon footprint. ArcelorMittal has set a target of 25 per cent global reduction in CO2 emissions intensity by 2030 at an anticipated cost of US$10 billion.

Dilip Oommen, CEO, AM/NS India, said, “The strategic renewable energy project reinforces our firm commitment towards sustainability that lays strong emphasis on decarbonisation of steel. The partnership is the right step towards our quest to reduce carbon footprint, enabling India to accelerate the transition towards a green economy.”

Commenting on the partnership with ArcelorMittal for the project, Anil Kumar Chalamalasetty, CEO and managing director at Greenko said, “This is a pioneering partnership with the world’s leading steelmaker and we hope it will serve as a blueprint for the adoption of renewable power for large-scale steel manufacturing in India. These efforts will also represent a notable contribution to India’s own commitment to build 500 GW of renewable energy capacity by 2030.”

In India, steel companies are on an expansion mode. Adopting technology and processes to keep carbon emissions in check while growing is what companies are looking at.

AM/NS India is looking to debottleneck operations to 8.8 mt capacity by 2023. Further, there are plans to expand capacity at Hazira to at least 14.4 mt and a greenfield expansion in Odisha is also expected.

At present, AM/NS India’s power requirement is approximately 1,000MW of which Hazira accounts for about 800MW.

ArcelorMittal ties up with Greenko Group to develop a renewable energy project of 975MW nominal capacity

The $600 million project will be owned and funded by ArcelorMittal; Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh

AM/NS India will enter into a 25-year offtake agreement with ArcelorMittal to purchase 250 MW of renewable electricity annually from the project

Greenko to supply 6 GWhr of electricity to Adani group

The Hindu BusinessLine - Mar 14, 2022

Greenko to supply 6 GWhr of electricity to Adani group

Will supply power from Greenko’s ‘pumped hydro storage’ capacity in Madhya Pradesh, Rajasthan Greenko, one of India’s larger renewable energy developers, has entered into a tie-up with the Adani group, a leading infrastructure conglomerate, under which Greenko will supply up to 6 GWhr of power the Adani group’s proposed industrial complex. The power will come from Greenko’s ‘pumped hydro storage’ capacity that is coming up in Madhya Pradesh and Rajasthan.

A similar deal was announced last month between Greenko and Ayana, a CDC-backed renewable energy company, based in Bengaluru. Here again, Greenko would supply 6 GWhr from its pumped hydro storage coming up at Pinnapuram, Andhra Pradesh.

‘Pumped hydro storage’ plants are those in which two reservoirs of water would be built, with a height difference between them. When the water flows down, it will be used to generate electricity. Once the lower reservoir is filled, the water will be pumped up to the upper one, completing the loop. Pumping up happen when electricity is available in surplus or cheap.

Typically, the water is sourced “one-time” from another, larger reservoir behind a dam. For instance, water for the Pinnapuram project is proposed to be sourced from the Gorakallu Reservoir one-time, with an arrangement to top-up any evaporation losses. Since the power that comes from pumped hydro projects is non-fossil fuel based (green) and supplied round-the-clock, the Adani industrial complex will among the greenest industrial complexes in the world, says a press release from Greenko. The Greenko group has an installed capacity of 7.3GW across wind, solar and hydro, spread over more than a hundred sites in various States. It also has 30 GWhr of energy storage projects under construction, as part of its plan to develop 100 GWhr of energy storage.

Ayana & Greenko tie up for India’s 1st power storage biz

Live Mint - Feb 14, 2022

Ayana & Greenko tie up for India’s 1st power storage biz

NEW DELHI : National Investment and Infrastructure Fund’s (NIIF) Ayana Renewable Power Pvt. Ltd. has partnered with Hyderabad-based Greenko Group to store 6-gigawatt hour (GWh) of power in hydro pump storage plants that Greenko is building at Pinnapuram in Andhra Pradesh, the companies said.

The arrangement will help provide round-the-clock green energy to user industries and electricity distribution companies (discoms). The idea is to use cheap green power during off-peak hours to raise water to a height and then release it into a lower reservoir to generate electricity when the demand for electricity goes up.

“In a first of its kind partnership, Greenko Group and Ayana Renewable Power Pvt. Ltd have entered into an arrangement to provide standalone storage capacity to develop firm and dispatchable RE solutions, including round-the-clock power supply of up to 1GW," the firms said in a joint statement. Large storage facilities can help keep India’s power grids stable, given electricity is produced intermittently from clean energy sources such as solar and wind.

This comes against the backdrop of the Union budget including energy storage systems such as dense charging infrastructure and grid-scale battery systems in the harmonized list of infrastructure, making it easier for such projects to raise funds.

“This will be offered to various industries and distribution companies in India. Greenko Group has offered in total 6,000 MWhr of storage capacity including 1,500 MWhr of storage capacity in the first tranche from its unique Off Stream Closed-Loop Pumped Storage Project (OCPSP)," according to the statement.

Backed by GIC Holdings Pte Ltd, Abu Dhabi Investment Authority and Japan’s ORIX Corp., Greenko has India’s largest operational clean energy portfolio of 7.3 GW and is building 30 GWh of storage capacity as part of its plan to set up an energy storage cloud platform of 100 GWh. This comes amid a new ‘Energy Storage System’ (ESS) policy that has proposed no requirement for environment clearances for off-river pumped storage plants and no obligation for free power to the states concerned, as reported by Mint earlier.

India may also delicense building of standalone battery storage systems; allow their sale, lease or hire; and permit the sale of stored power through power purchase agreements and over exchanges, as part of the proposed ESS policy. Also, the electricity transmission cost while selling or buying electricity from these storages may be waived off, according to the ‘Discussion Paper on Policy on Energy Storage Systems’.

Greenko Group signs up to become a Net Zero Carbon by 2040

The Hindu BusinessLine - Sep 20, 2021

Greenko Group signs up to become a Net Zero Carbon by 2040

Hyderabad: Greenko has signed up for “The Climate Pledge” by joining over 200 companies who have pledged to achieve the net-zero carbon target by 2040, a decade ahead of the Paris Agreement goal.

Today’s announcement responds to the findings of the latest United Nations’ Intergovernmental Panel on Climate Change (IPCC) report, which underscores the need for urgency in addressing the climate crisis.

“As a leading renewable energy company with an operational portfolio of 7.5 GW and a pipeline of 15 GW of wind, solar, hydro, and energy storage assets spread across 15 States in India, Greenko is joining The Climate Pledge and making the commitment to achieve net zero carbon emissions by 2040 — 10 years ahead of the Paris Agreement. Greenko will continue to build upon its hallmark of environmental stewardship, through greenhouse gas mitigation, climate risk management, conservation and restoration of habitats, as well as circular economic approaches,” said Anil Kumar Chalamalasetty, Founder, CEO and MD, Greenko Group.

Unless there are immediate reductions in greenhouse gas emissions, limiting warming to close to 1.5 degrees Celsius or even 2 degrees Celsius will be out of reach.

Businesses have long contributed to the effects of climate change, but deep cuts in emissions of greenhouse gases could stabilize increasing temperatures.

The 200 plus Climate Pledge signatories, which have committed to net-zero carbon by 2040 or sooner, are uniquely positioned to rise to the challenge of addressing climate change and helping to create the low-carbon economy of the future. The current Climate Pledge signatories are expected to collectively mitigate 1.98 billion metric tons (BMT) of carbon emissions from a 2020 baseline, representing 5.4 per cent of global annual emissions — demonstrating the collective impact.

The Climate Pledge is prompting more action to tackle the climate crisis. Signatories to The Climate Pledge agree to measure and report greenhouse gas emissions on a regular basis; implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies and neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets to achieve net-zero annual carbon emissions by 2040—a decade ahead of the Paris Agreement’s goal of 2050.

Sovereign funds GIC, ADIA to infuse Rs 3,430 Cr into Greenko

Economic Times - Jun 05, 2019

Sovereign funds GIC, ADIA to infuse Rs 3,430 Cr into Greenko

Mumbai: Sovereign wealth funds GIC of Singapore and Abu Dhabi Investment Authority (ADIA) on Tuesday signed definitive agreements to make a $495 million (Rs 3,430 crore) fresh equity investment in Greenko, increasing their bet on the Indian renewable energy sector.

The Hyderabad-based company plans to use the proceeds predominantly to partfund its storage projects totalling 2.4 gigawatts. These projects, with a total capital outlay of $2 billion, are expected to be completed and become operational in 2022. It has already secured financial closure for the Pinnapuram storage project and is in advanced discussions to raise funds for the Saundatti project.

“The proposed equity commitment from the existing shareholders shows Greenko’s track record in creating longterm value to all its stakeholders,” said managing director Anil Chalamalasetty.

India is transitioning from an energy deficit market to one where contracts are driven by demand for reliable, flexible and cost-competitive energy, said Chalamalasetty, who is also the company’s chief executive.

Greenko is focussing on building integrated renewable energy assets with storage to address these mar kets by competing with conventional energy assets like thermal in quality, quantity and cost, he added. This approach has led in part also to Greenko’s pivot from a generation-focussed company to a more holistic solutions provider, striving to feed peak grid demand with power from clean sources.

In India, coal cannot satisfy demand that peaks in summer. But with an increase in renewable energy supply from a variety of new sources, existing grid infrastructure cannot absorb more than 15% of the supply.

Renewable supply also remains unpredictable, being dependent on the vagaries of nature. GIC will continue to remain the principal shareholder of the company after this fresh round of capital infusion. This will be the third round of capital infusion by the two, making the company the biggest recipient of foreign capital in the clean energy space in the country.

Once they completed this round, the two principal sponsors of the company would have put in a total $2 billion in the 13-yearold company. GIC, which holds a 60% stake, alone has infused $1.4 billion. With $3.2 billion of debt, Greenko’s enterprise valuation is expected to be at $5.2 billion.

ET wrote about the planned fundraising in its February 21edition.

“Greenko is well-positioned to execute the Integrated Renewable Energy projects,” said Ang Eng Seng, chief investment officer of infrastructure at GIC. “Its innovative use of hydro storage and renewable power will enable utilities to mitigate the intermittency issues of renewable power, facilitate the increased penetration of renewable power and reduce the country’s reliance on conventional thermal power overtime.”

Greenko has an operational capacity of over 4.2 GW (DC Capacity of 4.7 GW) across wind, solar and hydro projects. Set up in 2006 by first-generation entrepreneurs Mahesh Kolli and Chalamalasetty, Greenko has a presence in 13 states. It is estimated to have made Ebitda (earnings before interest, tax, depreciation and amortisation) of $500 million in fiscal 2019.

The founders own a quarter of Greenko, while ADIA has 15%. GIC is a leading global investment firm with well over $100 billion in assets under management. Other renewable power companies in India are also getting fresh funding. Existing investors Goldman Sachs, ADIA and CPPIB are infusing $300 million in Renew Power through a combination of equity and debt, ET reported last week.

GIC, ADIA to put $450 million into Greenko

The Economic Times - Jun 05, 2018

News

GIC, ADIA to put $450 million into Greenko

MUMBAI: Hot on the heels of the billion-dollar acquisition of Orange Renewables, Greenko’s key shareholders GIC of Singapore and Abu Dhabi Investment Authority (ADIA) have agreed to infuse another $450 million to bankroll the company’s next phase of growth. This involves 15 GW of integrated, round-the-clock renewable assets combining hydro, wind and solar with the latest storage technologies.

This will be the largest single round of capital raising by a green energy company in India, overshadowing previous initiatives by Re-New Power Ventures that received $247 million in April for Ostro Energy’s buyout. Greenko Group on Monday announced the acquisition of Orange Renewable from Singapore’s AT Capital Group at an enterprise value of $1 billion. ET reported this ahead of the announcement.

After this round, both investors will have cumulatively invested $1.3 billion with GIC alone putting in $1 billion since 2015 in four rounds.

Addressing Needs of Discoms GIC will remain the controlling shareholder with a 60% stake

The two first-generation founders, Anil Kumar Chalamalasetty and Mahesh Kolli, control about 25% while ADIA holds the remaining 15%.

“We will not pursue standalone renewable assets. Our focus for the next three-five years will be on building integrated round-theclock renewable energy which can compete with base load curves to address the real needs of the discoms when our Indian energy market is transitioning from a deficit market to a real demand-driven market,” Greenko group CEO Chalamalasetty told ET.

“Our new assets will compete with conventional coal energy projects on quantity, quality and cost. We are working on building 15 GW round-the-clock renewable assets that will deliver 3GWs of base load. It’s a unique proposition but is required today.”

POWER OF THREE The plan is to have three strategic “integrated asset class” assets — one in the north and two in the south that are dispersed across the country to create a bundled form of energy supply. Most of the incremental investments will go into storage technology.

In recent months, there has been a big drop in new base load capacity addition while existing capacities have been operating at half of their rated levels.

Close to 40 GW of base load assets are facing coal supply crunch or other disruptions. Gujarat recently saw a base load drop of 5GW. As a result, spot prices on the electricity exchanges have spiked to Rs 11-12 per unit from Rs 3 per unit earlier.

Renewables are a 5-10% additional energy source on top of the base load powered by coal and gas.

The challenge facing India’s power grids is the base load and clean energy on its own cannot be a replacement.

“Renewable got the tag of cheap energy but it is destabilising the grid. Coal is of course firm energy but in the last few months both crude and coal prices have gone up. We don’t have a fixed-price, inflation-protected energy,” said Greenko joint managing director Mahesh Kolli.

“In most markets, gas acts as a flexible base load energy to support renewables but we do not have that option with domestic gas and LNG imports cannot be a cheaper alternative either, so the discoms are all feeling the heat of this. We think we can create value — the capital infusion will support that growth plan.”

The Central Electricity Authority (CEA) reported a month ago that the more renewable energy is pumped into the distribution networks, the more expensive it gets for the grid.

According to its calculations, every unit of energy from renewables is costing the discoms an incremental Rs 2 to Rs 2.50 per kilowatt hour.

“We will be integrating multiple storage technologies like batteries, hydro, with wind, solar and hydro and creating an integrated round-the-clock (RTC) renewable energy asset class to meet the discoms’ cost-effective base load energy growth needs while meeting the future Renewable Power Obligations targets,” said Chalamalasetty.

Most of the investments will go into storage technology. Battery prices are coming down but pumped hydro storage is becoming an important asset class.

“It’s common in Europe and also in Tehri Dam where during off-peak time, you pump to bring the water levels up and vice versa during peak hours,” Chalamalasetty said.

NEW STRATEGY However, the existing portfolio of 4.3 GW, inclusive of Orange, will not be part of this since they already have signed power purchase agreements (PPAs) with state utilities while the new assets will be meant for supplying to the national power gridNSE 0.91 % at high voltage.

Ever since losing the opportunity to acquire Reliance’s Mumbai power distribution business to Adani in 2017, Greenko has planning this new strategy, the executives said. Construction work is slated to begin later this calendar year.

Commenting on the Orange acquisition, the biggest by the company so far, Kolli said more than scale it was the geographical complementarity that helped.

“We are working with a large cluster approach in states where we operate,” he said. “Adding the (Orange) portfolio within those clusters is part of our business model. We did not acquire Orange because it has a gigawatt size portfolio, but because of the assets meeting the Greenko’s operational and financial benchmark returns.”

Greenko will add $10 billion in assets in 4-5 years

Live Mint - Jun 04, 2018

News

Greenko will add $10 billion in assets in 4-5 years

Mumbai: Set up in 2006 by first-generation entrepreneurs Mahesh Kolli and Anil Kumar Chalamalasetty, Greenko Group is backed by Singapore’s sovereign wealth fund GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority. Greenko president and joint managing director Kolli, and Chalamalasetty, the CEO and managing director, in an interview spoke about the rationale behind the acquisition of Orange Renewables, besides sharing their views on the sector. Edited excerpts:

Did you pick Orange because there were not many gigawatt size firms available for buyouts?

Mahesh: For us, Orange is not an outcome of a strategic move. Our business model has a combination of inorganic and organic growth. Within that, we have our own matrix. To meet the financial benchmarks, we need to meet certain technical benchmarks. We are working with a large cluster approach in states where we operate. Adding this (Orange) portfolio is within those clusters, and is part of our business model. We did not acquire Orange because it has a gigawatt size portfolio, but because of the clear process that they were following.

How much are you paying for this?

Mahesh: It has an enterprise value of $1 billion, with an equity payout of $300 million. From the single equity cheque point of view, it will be our largest acquisition. In terms of size, SunEdison was larger.

How will this transaction be supported?

Mahesh: We have the balance sheet and the capital right now.

Anil: It will be supported through the cash flow and equity sources. Orange’s existing debt will be passed on to us.

Any more acquisitions after this?

Mahesh: We will continue to look at opportunities as long as they meet our financial and operating framework. We are very particular about our cluster approach and the technologies that come with these assets, and the states in which they operate. It has to make long-term financial returns from the shareholders’ perspective. As long as these two frameworks are working together, we will be willing.

Anil: As long as they are rightly built and have the right commercial agreements, and fall under our long-term views, we will definitely get going with them. We are a $5-billion platform today, with built-in reserves. We see energy as one of the strongest growth sectors; by how it is evolving and transforming. We strongly believe that we have entered a very exciting stage. We are going to add another $10 billion of assets in the next four to five years.

When will you go for your IPO?

Anil: We will not say no to it. But definitely not in the short-term.

Mahesh: We will, at some point in time, but we will only do it when we will be in the Nifty-50 type stocks.

Will ReNew and Greenko be the last of the big green energy firms standing once the ongoing consolidation gets over?

Mahesh: The fundamental difference is that we do not see ourselves as a renewable developer. We are in the energy market and utility market as a segment. Whether it is a ReNew, NTPC or NHPC, for us, the comparison is the energy market.

You have been making a pitch for the electricity distribution business. Where do you stand?

Mahesh: Our electricity distribution plan is driven by consumer access. We are reacting to opportunities.

Anil: Our ambition is to make a difference and impact towards the last mile consumer.

What are the specifics?

Anil: We are working with a lot of R&D companies. We are working with a lot of technology firms. We are trying to understand where the pain points for the consumers are. What are the opportunities which can evolve into energy play? It ranges from micro-grids to transmission and distribution, to storage, and towards electric vehicles. We don’t see distribution as the only bridge to reach the consumers. We are trying to build other opportunities and platforms as well. On transmission and distribution, we are open to do transactions at the right pricing.

Where do you see the green tariffs going from here?

Mahesh: Tariffs are a function of two things -- the real cost of technology and the returns on which the people are willing to work. This sector has matured to a great extent...Tariffs are stabilising at ₹3 per unit.

GREENKO PRESS RELEASE

Serentica Renewables partners with Greenko Group for 1500 MWhr of storage capacity to deliver assured carbon free power to industrial clients

Nov 14, 2022

Keppel Infrastructure partners Greenko to explore green ammonia and renewable energy opportunities

Oct 25, 2022

JSP and Greenko Group enters into a MoU to facilitate 1000 MW carbon free energy for its steel facility in Angul, Odisha

Oct 19, 2022

POSCO and ZeroC of Greenko establish strategic partnership for production of Green Hydrogen, Ammonia and Related derivatives in India for domestic and export market

Sep 01, 2022

Hindalco enters into commercial arrangement with Greenko Group to co-produce round-the-clock carbon-free energy for its Odisha smelter

Aug 11, 2022

ONGC and ZeroC of Greenko establish strategic partnership for production of Green Ammonia and Related derivatives in India

Jul 26, 2022

Greenko signs MoU with IIT Hyderabad to set up School of Sustainable Science & Technology

Jul 04, 2022

Andhra Pradesh CM performs First Concrete Pour for World's largest Integrated Renewable Energy Storage Project

May 17, 2022

GREENKO AND JOHN COCKERILL PARTNER TO BUILD ALKALINE ELECTROLYSER GIGAFACTORY

Apr 11, 2022

ArcelorMittal establishes strategic renewable energy partnership for utilising Greenko’s Pumped storage in India

Mar 22, 2022

Adani partners Greenko to Utilise Six Gigawatt-Hours (6 GWhrs) of Pumped Hydro Storage Capacity

Mar 14, 2022

Ayana Renewable Power partners with Greenko Group to create 6000MWhr storage capacity to deliver flexible energy to industry and utility markets

Feb 14, 2022

Greenko breaks into the top three ranking of the 100 global Green Utilities in the latest Energy Intelligence Report 2021

Dec 23, 2021

Greenko Group and John Cockerill sign agreement to exclusively partner in joint market development initiatives for Green Hydrogen Electrolyzers in India,

Dec 06, 2021