Greenko says wind plans on track

Ambitious Indian wind developer Greenko said its plants are beating conventional generators on price and still turning a profit.

In a trading update to investors, London-listed Greenko said it is on course to achieve its goal of building 250MW this financial year and well placed for the same again the year after.

The company added 102MW between April and its half-year stage at the end of September, and has projects at various stages of construction using GE and Gamesa turbines.

Greenko, which also operates hydropower and biomass plants, said: “The backdrop for renewable energy in India remains positive, as conventional power assets struggle to supply power to the grid, due to both fuel supply and off-take price issues.

Greenko's wind and hydro portfolio in many States can now profitably supply power below the price of conventional generation.”

The company this year attracted a £100m investment from the Government of Singapore Investment Corporation (GIC), one of the world’s most active sovereign wealth funds.

After the investment Greenko raised its total capacity ambitions to 2GW by 2018, adding to its existing goal of 1GW by 2015.