Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Clean Indian energy group takes AIM
Greenko, an Indian energy producer seeking to treble biomass and hydroelectricity capacity to 112 megawatts, hopes to raise £42 million.
Founded by sector entrepreneurs Mahesh Kolli, 31, now company president, and chief executive Anil Chalamalasetty, 32, Greenko sells power from its biomass plants to Indian state electricity boards and sells certified emission reduction units (carbon credits) generated from its clean energy projects. The company, based in Hyderabad but now shifting its domicile from Luxembourg to the Isle of Man, made £180,000 pre-tax profit in the 15 months to March on £2.45 million turnover. It now 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.
Handled by Arden Partners, the AIM float early in November is expected to put a value of £94 million on Greenko, which has set itself a capacity target of 400 megawatts by 2010/11, 60 per cent hydro. The rest will be biomass (from stubble and so, insists the company, not competing with food sources), with some wind power.
Originally backed by a French venture capital group, Greenko has as its non-executive chairman Indian power tycoon Harish Chandra Prasad. The company hopes to exploit a domestic market, liberalised three years ago but still suffering severe capacity constraints and low penetration in India’s fast-growing economy and plans to sell direct to big companies.
Greenko is recruiting as a non-executive director Vadlamani Kiran, co-founder of another Indian energy group, KSK, which was floated a year ago by Arden and has about three per cent of Greenko. The issue, which should be well received if stock market conditions permit, has yet to be priced.
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