Greenko acquires 56MW hydro assets in India

Greenko has acquired two hydro assets which include a 32MW and a 24MW project located in the India, for a total consideration of €42.7m.

Greenko chief executive officer and managing director Anil Chalamalasetty said "These additions to our portfolio are in line with the Group’s targeted operational capacity of 1GW by 2015."

With the latest acquisition, Greenko owns 1.67GW portfolio of diversified clean energy assets, of which 214.6MW is operational while over 450MW is under construction.

The first 32MW asset cluster is located in the Northern Indian state of Himachal and consists of four 5MW plants and one 12MW plant.

Long term power purchase agreements have been signed, pursuant to which all the power produced from the plants will be sold to the local state electricity board.

The company said the average plant load factor (PLF) for the combined asset is expected to be in excess of 60%.

Construction is due to start this year on the second asset 24MW project located in the state of Karnataka, with a targeted completion in 2014, with an anticipated PLF of approximately 30%.

Greenko said it may acquire additional hydro assets which are either already operational or at an advanced developmental stage.