Companies: GKO   

Indian clean energy group Greenko has set ambitious growth targets after a tenfold pre-tax profits surge to £2.25 million.

The AIM-quoted company, which floated last November with a £31.4 million placing at the equivalent of 97.6p and later switched its domicile from Luxembourg to the Isle of Man, increased turnover 267 per cent to €13.1 million (£10.3 million) in the year to March. During that period, Greenko – which both supplies biomass, hydro and wind power to Indian utilities and sells carbon credits – took its production capacity to 137.5MW, comprising 90.5MW operational and due to be commissioned and 47 MW under development.

Chief executive officer and co-founder Anil Chalamalasetty says the company has acquired another 99.5MW of biomass and hydro concessions since March, taking its production capacity to 237MW, and claims ‘good visibility’ for a short-term target of delivering 400 MW a year. Noting that Greenko’s recent acquisition of a direct power licence enables the company to sell clean energy direct to the end-user ‘at a substantial premium’, he says the medium-term target is to deliver 1,000MW a year to India’s large, power-hungry market.

Shares in Greenko now trade at110p, up 5p this morning, valuing the company at £75 million. They should have specialist appeal, overall stock market conditions permitting.         

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Web site news, 10 Jul, 08

Greenko

                           Greenko expands

Indian cleasn energy grouo Greenko  

Greenko Group	AIM	£36.37m	53.50p	-1.00p
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