Greenko : Trading Statement

14 April 2014

Greenko, the Indian developer, owner and operator of clean energy projects, today provides a trading update for its 2013-14 financial year, covering the period 1st April 2013 to 31st March 2014:

• Trading in-line with expectations

• Generation increased 17% to 1,050 GWh, compared to the previous year

• Installed capacity increased from 309 MW in April 2013 to 561 MW

• 182.4 MW of new wind capacity commissioned in the second half of the year

• Acquisition of Budhil hydro (70 MW) in Himachal Pradesh due to complete shortly

• On track to commission over 130 MW of further wind capacity before the 2014 wind season

Overall performance was in line with expectations. The early monsoon helped southern hydro generation increase by 43%, and the wind assets delivered a strong performance. Northern hydro did reasonably well despite an extended winter and limited snowmelt in the initial part of the year. The biomass assets continue to underperform, due to issues around fuel supply, price and availability.
Generation increased 17% in the period, to 1,050 GWh. This growth, along with a better generation mix should result in revenue growth of over 50% and EBIDTA growth of approximately 70%, compared to the previous year, on a constant currency basis.

Greenko remains on track for its operational portfolio to exceed 1,000 MW in 2015, with all the projects under construction and fully financed. The construction portfolio is on time and on budget.
· Ratnagiri Wind (101.6 MW - Maharashtra).
o Phase-1 (65.6 MW) was successfully commissioned at the start of the period and operated in line with expectations.
o Phase-2 (36.0 MW) is under construction with all the turbines on site. The grid connection and sub-station for the entire site were completed during Phase-1 and the full capacity remains on track for commissioning by the 2014 wind season.
· Basvanbagewadi Wind (181.2 MW - Karnataka).
Total export capacity at the Basvanbagewadi site was increased from 158 MW to 180 MW:
o Phase-1 (51.2 MW) was successfully commissioned and is generating power.
o Mangalore (15.0 MW) and Matrix (15.0 MW) are separate projects within the overall Basvanbagewadi footprint and use the same grid connection. Both were successfully commissioned and are selling power via long-term independent bilateral contracts with commercial off-takers.
o Phase-2 (50.0 MW) is nearing completion, with all of its Gamesa G97-2.0 MW turbines on site, and commissioning due before the 2014 wind season.
o Phase-3 (50.0 MW) land acquisition is in progress and the Gamesa turbines are due on site next month.
· Balavenkatpuram Wind Farm (200 MW - Andhra Pradesh).
o Phase-1+2 (101.2 MW) use the enhanced GE 1.6 XLE turbine and the Gamesa G97 turbine. Both phases have been commissioned and are generating power.
o Phase-3 (50 MW) is at an advanced stage, with all 25 Gamesa G97 turbines on site. The grid connection and sub-station for the entire site were completed during Phase-1 and Phase-3 remains on track for commissioning before 2014's wind season.
· Tanot Wind Farm (120 MW - Rajasthan).
o Phase-1 (60 MW) delivery of the Gamesa G97 turbines is due at the end of the 2014 monsoon, with commissioning by the end of 2014.
o Phase-2 (60 MW) land acquisition is complete and construction is expected to roll straight on from Phase-1, with Phase-2 commissioning before 2015's wind season.
· Dikchu Hydropower (96.0 MW - Sikkim).
Over 70% of the project's civil works are completed, including a substantial part of the powerhouse. The majority of the electro-mechanical components are on site and their installation is over 75% complete. Delays due to abnormal weather conditions earlier in the year have not significantly affected the schedule and the project remains on track to commence operations at the start of the
2015 generating season.
· Additional Hydropower (92.6 MW - Karnataka and Himachal Pradesh).
Five smaller projects are under construction and remain on schedule for commissioning in late 2014 and 2015.

The backdrop for renewable energy in India remains positive, as conventional power assets struggle to supply power to the grid, due to fuel supply and off-take price issues. Greenko's wind and hydro portfolio can now profitably supply power below the price of conventional generation in many States. With approaching 700 MW expected to be operational by the financial year 2014-15 generating season, the Company expects another year of significant growth.

"Our portfolio approach continues to pay off, with good results. In the year, we added 182.4 MW of new wind capacity and are well on track to add a further 136 MW before the 2014 wind season, and projects are already under construction for a further 250 MW for the coming year. Given that equipment orders for our 2015 target of 1,000 MW are in place, with costs fixed in Rupees and an Indian energy market becoming increasingly favourable for hydro and wind power, we are very optimistic about the coming year's financial performance."
-Ends-
For further information please visit www.greenkogroup.comor call:

Anil Chalamalasetty / Mahesh Kolli +44 (0)20 7920 3150
Vasudeva Rao Kaipa / Mark Thompson

Richard Day +44 (0)20 7614 5917

Jeremy Ellis / Gary Clarence +44 (0)20 7597 4000

Matt Ridsdale / Mike Bartlett +44 (0)20 7920 3150

Greenko is a mainstream participant in the growing Indian energy industry and a market leading owner and operator of clean energy projects in India utilising a de-risked portfolio of wind, run-of-river hydropower, natural gas and biomass assets. The Group is now focused on building new utility scale wind farms and hydropower projects across India. Greenko intends to increase the installed capacity it operates by winning concessions to develop and build new greenfield assets, as well as making selective acquisitions which enhance shareholder value.
Greenko's portfolio is carefully planned and managed to ensure it offers investors diversification and spreads its risk across a number of projects that utilise various well-proven environmental technologies. The Company's goal is to reach 1,000 MW of operational capacity in 2015 and approximately 2,000 MW in 2018.
With a core belief in sustainability both operationally and environmentally, Greenko endeavours to be a responsible business playing an important role in the community beyond its role in the power generation industry. The Company maintains a continuous involvement in localised projects and community programmes which centre on education, health and wellbeing, environmental stewardship and improving rural infrastructure.
Greenko Group plc was admitted to trading on the AIM market of the London Stock Exchange (LSE: GKO)
in November 2007.

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