As foreshadowed here, Indian biomass and hydroelectricity group Greenko has come onto AIM after a £31.4 million placing at 97.6p.

The shares have moved to 105p today following the placing, handled by Arden Partners, which valued the company at £66.4 million. This will provide around £29.1 million after expenses for Greenko, which supplies biomass-generated power to power-hungry Indian state electricity boards and sells carbon credits generated from its clean energy projects.

The company, based in Hyderabad but moving its domicile from Luxembourg to the Isle of Man, made £180,000 pre-tax on £2.45 million turnover in the 15 months to March. At present, Greenko has six biomass plants with a combined capacity of 42 megawatts, to which it will add two hydro plants next year, taking overall capacity to 90.5 megawatts from a total investment of £57 million.

The company's founders, 31-year-old sector entrepreneur Mahesh Kolli and Anil Chalamalasetty, 32, respectively president and chief executive, plan to increase that further to 400 megawatts by 2010/11.They expect 60 per cent to come from hydro, with the rest coming from biomass (in the form of stubble not food-competing corn) and some wind power.

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