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Greenko acquires concessions for four India projects

Indian renewable energy producer Greenko Group Plc. announced July 3 it is acquiring concessions to develop four hydroelectric projects in India's Karnataka State totaling 44.5 MW.

Greenko said it signed a contract to acquire the 10.5-MW Sonna, 16-MW Kallur, and 16-MW Joladadagi projects on the Bhima River in northeastern Karnataka and the 2-MW Dinnekere project in southwestern Karnataka.

The company, which is building a portfolio of hydropower and biomass power plants and sells carbon emission reduction (CER) units, said the new assets would increase its total projects under development to 146.5 MW. It also has 90.5 MW of secured installed capacity, giving it 237 MW of total assets. (HNN 4/11/08)

Greenko said Sonna already is under construction, with commissioning expected in the first quarter of 2009. It is to sell power to the Karnataka grid under long term contract, also generating 23,500 tons of CERs annually

Greenko acquired licenses of the Kallur, Joladadagi, and Dinnekere projects. Project work is expected after financial closure in six weeks, with commissioning of the projects in the second quarter of 2010. Greenko said it expects to sell their power through an agreement with power trading companies or direct to industrial consumers. It said Kallur and Joladadagi are expected to generate 31,396 tons of CERs each.

Greenko signed power purchase agreements in June with PTC India Ltd., the former Power Trading Corp. India, for the production of two of its plants, the 24.5-MW Rithwik hydropower project, which is soon to be commissioned at Shamburi in Karnataka, and the 6-MW Roshni biomass plant.

Greenko is guaranteed to receive 6 rupees (13.8 US cents) per KWh from the plants, with a potential for more if PTC resells the power to a consumer at a higher price. That price compares to 3.2 rupees (7.4 US cents) paid by state electricity boards under current power purchase agreements, the company said.

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