Indian renewable energy owner and operator Greenko has announced its acquisition of the 70-MW Budhil hydropower plant from Lanco Hydro.
The run-of-river project is located in India's Himachal Pradesh and increases Greenko's total operating hydroelectric portfolio to 245 MW.
"This is an attractive deal for our shareholders, as it is immediately earnings accretive and offers strong returns," CEO Anil Chalamalasetty said.
Budhil's value is slightly more than US$104 million, the company said.
The plant is expected to have a plant load factor of 57% and produce an estimated $18.9 million of EBITDA over the long term, based on current exchange rates. Greenko said it expects to recognize revenue from the plant in the beginning of the 2014-15 fiscal year, pending the state's approval of the deal.
Greenko is also pursuing the acquisition of the 5-MW Iku 2 and 5-MW Baner 3 projects from Lanko Hydro. Those deals are expected to close later this year.
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