First published in the Quoted Cleantech newsletter, January 2011. Copyright Cleantech Investor 2011

The latest figures from Indian renewable energy supplier Greenko show that its revenue jumped from €8.6 million to €25.8 million in the six months to September 2010 as more power projects began to generate income. Pre-tax profit rose from €1.1 million to €9.1 million.

Hydro and wind are the main focus of Alternative Investment Market-quoted Greenko’s ambitious expansion plans. India has the potential for 148GW of hydro electricity and so far one-quarter of this has been harnessed.

Greenko currently has 104MW of hydro capacity, with more than 400MW under development. Wind is already one-third of Greenko’s generating capacity and the company expects to add a further 345MW of capacity over the next five years.  

Favourable tariffs, incentives and renewable energy certificates mean that the Indian market is skewed towards wind farms. By 2030, 15% of the country’s power needs are expected to come from wind.

Greenko likes to work on a cluster model so that it can build up relationships and influence in individual states. The firm currently has 183MW of generating assets with a further 850MW at various stages of development.

The company raised £72 million (€85 million) earlier this year and the Global Environment Fund invested a further $46 million (€60 million) in a Greenko subsidiary. This gives the company plenty of cash to push forward with its plans. Net debt was €37.6 million at the end of September 2010 and there are plenty of spare bank facilities and cash.