Hyderabad: Clean energy company to float on AIM

AIM flotation

Greenko Group Ltd is floating on the Alternative Investment Market in London to raise money to develop and operate clean energy projects in India.

Following its formation and initial fundraising in January 2006 Greenko, based in Hyderabad, India, acquired two biomass plants and took on management control of a third. After a further fundraising, the company acquired three more biomass plants and has signed an agreement to acquire two hydroelectric plants. This will bring the total energy generation capacity controlled by Greenko to 90.5 MW.

The company says its biomasss projects will provide income for farmers and are suitable for carbon offsetting.

The money from the flotation will finance the development of two approved schemes and a portfolio of projects under negotiation. Greenko aims to build a portfolio of clean energy, including windpower plants, with a combined capacity of about 400 MW by 2011.