Greenko Plans To Acquire Budhil 70 Megawatt Hydropower Plant

LONDON (Alliance News) - Greenko Group PLC Tuesday said it has agreed to acquire the Budhil 70 megawatt hydropower plant in India. The Indian developer, owner and operator of clean energy projects said the total value of the acquired assets is EUR77 million, which was funded from project finance debt and internal resources. The company said the Budhil site is fully built and is completing its stabilisation phase. On average the site is expected to deliver an average of roughly EUR14 million of earnings before interest, taxes, depreciations and amortisation over the long term. Greenko said that once it has received formal approvals, it expects to start getting revenue from Budhil at the start of the 2014/15 financial year. The company said the deal will bring Greenko's total operating hydropower portfolio to 245 megawatts and its total energy generating portfolio to 546 megawatts, a 77% increase in total capacity since the start of the current financial year. Greenko said it has outlined agreements to acquire two additional projects IKU-2 and Baner-3 in India, which are expected to be complete later this year. The company also said it expects a further four wind farms, totalling 151 megawatts, to be commissioned by the start of 2014's main generating season and the company remains on track to have the first 1,000 megawatts of its development plan operational during 2015. http://www.lse.co.uk/AllNews.asp?code=cq116kpp&headline=Greenko_Plans_To_Acquire_Budhil_70_Megawatt_Hydropower_Plant