Greenko to pay Euro 77 mn for Lanco hydel assets.

Renewable energy company Greenko Group is set to pay Euro 77 million (about Rs. 655 crore) to acquire hydel assets from Lanco Infratech Ltd., which includes the 70 MW Budhil project and two more hydel projects of 5 mw each in Kangra district of Himachal Pradesh.

The Hyderabad-based company has increased its capacity to 546 MW and expects to go past the 700-MW mark by March 2014, thereby nearly tripling its capacity during the year.

The company plans to fund the acquisition from project finance debt and internal resources. It is on track to be a 1,000 MW (I Giga Watt) company during 2015.

Anil Chalamalasetty, CEO of Greenko, said, 'This is an attractive deal for shareholders as it is earnings accretive and offers strong returns. This acquisition, combined with the wind farms we expect to commission in the coming months, will take us to over 700 MW by the start of 2014 monsoon (June-July), compared to 244 MW a year before.'

HBL