Indian clean energy projects developer Greenko has acquired three run-of-river hydro power projects totaling 15MW in the Kangra District of the state of Himachal Pradesh.
The acquisition takes Greenko’s total generating portfolio to over 275MW and is consistent with the company’s strategy of reaching a portfolio of 1,000MW by 2015.
Cummulatively the three projects costed an approximate €18.7m with the fulfilling the requisite conditions as per a prior agreement to close the deal.
The domestic state electricity procures all power generated at the projects under individual long term power purchase agreements.
Greeko continue to expand its hydro portfolio through the acquisition of additional hydro assets in either operational or developmental stage.
Greenko CEO and MD Anil Chalamalasetty said that the firm has so far generated strong returns on its hydro power assets.
“Today’s portfolio addition is part of our strategy of adding attractively priced, high quality, tuck-in acquisitions in the hydropower sector and providing a balanced portfolio of clean energy assets for India’s rapidly growing market,” Chalamalasetty added.
