Greenko makes wind energy push with India project

Greenko makes wind energy push with India project

Mumbai: Clean energy producer Greenko Group said it made a push into the fast-growing wind energy market in India with a short-term target of 200 megawatt, and signed a power purchase deal with Reliance Infrastructure.

The company, with its assets mostly in India, said it had started building a 65 MW wind project in the western state of Maharashtra, and that the Reliance Infra deal was to supply 200 MW of wind power at a current rate of Rs5.07 ($0.109) per kilowatt-hour.

Greenko also signed a technology pact with General Electric Co for turbines designed for low-wind regimes and said it was reviewing other states such as Karnataka, Rajasthan and Andhra Pradesh for wind power opportunities.

According to the Global Wind Energy Council, India was ranked 5th in the world in 2009, with a wind energy capacity of 1,271 megawatts, or 3.3%, of the world total.

The company, which has a market value of £167.8 million and operates hydro, biomass and gas-based plants, said it expects to achieve a 1 gigawatt operating capacity by the end of fiscal 2014.

Shares in the company, which have risen more than 21% in the year to date, were up 4.6% at 147 pence at 0747 GMT on Monday on the London Stock Exchange.