Om Prakash Bhatt
Spurred by the Government of India’s drive to hasten the installation and use of renewable energy, the renewable energy sector has witnessed unprecedented progress in India to reach a total installed capacity of 57.24 GW. It is extremely satisfying for us at Greenko to note that Greenko is leading this mission with its renewable energy assets of 2.65 GW constituting 5% of the total installed capacity. Enthused by the Government’s resolve to increase India’s renewable energy installed base to 175 GW and driven by its own passion for excellence and innovation, Greenko has executed projects in 2016-17, constituting 18.84%, 8.47%, and 46.70% of country’s capacity addition in wind, solar and renewable hydro sectors respectively.
Greenko has a top management team with extensive experience in all the relevant aspects of renewable energy, an envious track record of successfully managing project execution, an in-depth understanding of the business ecosystem and a demonstrated ability to grow businesses, both organically and inorganically. It has a strong shareholder base which among others, includes the two highly respected sovereign wealth funds, GIC and ADIA. We recognize that all this is important for any business. What is more important and what sets us apart is that even as we create value we have the strictest adherence to ethics, integrity and transparency, and a culture of sustainability in almost everything that we do. This is something that has resonance across all parts of Greenko right from the Board, the Management, the Executives and staff to all the stakeholders in our diverse and extensive ecosystem.
We have a Greenko Code of Conduct which serves as a guiding tool that helps employees integrate it’s value based principles into day-to-day business conduct by ensuring complete alignment between organizational values and employee conduct. The Code further, provides practical guidance in areas such as conflicts of interest, gifts and business courtesies, anti-bribery and anti-corruption, confidentiality, environment health and safety (EHS), corporate social responsibility (CSR) and regulatory compliance. Grievance redressal and whistle blower mechanisms are the means to recognize the deviations and violations of the Code of conduct.
Greenko’s business contributes to mitigation of climate change and sustainable development. In addition, the group makes direct interventions to contribute to environment and community. In 2016-17, we have organized 35 programs, of which 15 medical camps, 10 programs for the development of education of children, 4 programs focused on rural development activity and 6 programs focused on environment related activities. These programs are need based and helpful to the communities. Over 11,941 people benefitted from these 35 programs. At Devarakonda in Andhra Pradesh, Greenko involved the school students to green the local hill with 12000 saplings. It is a testimony to Greenko’s commitment to environment that it has transplanted all the trees at its project site. The average age of such trees is above 50 years. To contribute to preservation of endangered Great Indian Bustard, group has committed to adopt the Rollapadu bird sanctuary and would begin the work very soon. Through Public-Private-People partnerships, Greenko is committed to achieve, by 2020 the following: Making positive difference to 15000 students; providing access to healthcare for 50,000; to improving lives of 100,000 and planting 200,000 trees.
Greenko makes best efforts to contribute to national economy, mitigate climate change and also to deliver benefit to local environment and communities. The leadership at Greenko is sanguine the systems, processes and controls are in place to zealously protect and enhance the economic, environmental and societal values. Greenko will continue to build on the leading position towards building a responsible and prosperous future and we look forward to continued support from all stakeholders.
Anil Kumar Chalamalasetty
Founder, Chief Executive & Managing Director
It gives me immense pleasure to present the first sustainability report of Greenko Group developed in accordance with Global Reporting Initiative’s G4 guidelines - core option. As one of the leading renewable power producer of India, we at Greenko are extremely buoyed by India’s ratification of the Paris Climate Change Agreement. We believe this is a landmark in global climate action and is expected to invigorate the clean energy sector in India.
Since our inception, we believed the renewable energy sector to be a critical growth engine for Indian economy and this has been clearly evident in the last few years. The Indian energy sector is undergoing a significant change that has redefined the industry outlook. Sustained economic growth, despite short term blips, will continue to drive electricity demand in India. The Government of India’s focus on attaining ‘Power for all’ has accelerated capacity addition in the country. At the same time, the competitive intensity is increasing at both the market and supply sides. Consequent to ratification of Paris agreement, India has actioned on Intended Nationally Determined Contributions (INDCs) that are designed to hold the increase in global average temperature to well below 2°C, resulting in accelerated shift in the energy sources from coal based to renewables. This level of infrastructure development will require determined action, synergy and significant resources. It will also draw significantly on India’s technical and entrepreneurial capabilities. India’s leadership in climate action viz., solar alliance, is in synergy with its developmental ambition, technical capabilities and entrepreneurial spirit. India is in a position to harness the opportunity to frame laws and policies that will make it an example for other developing countries. Another key challenge that India is facing is generation of jobs and renewable sector is able to address this challenge too. As per the Council on Energy Environment and Water and the National Research Development Corporation projections, utility and park scale solar PV projects through 2022 could create as much as 58,000 direct jobs in India.
During the reporting period, our focus has been to successfully operationalize the 390MW of solar and wind power generation assets of SunEdison that was acquired by the greenko in September 2016. Moving forward, we will build on the strength of our assets and grow organically and through value accretion. Our focus for short-medium term is to successfully build and operate our 3 GW of asset portfolio. We want to build a platform which is diversified and sustainable in the long term. We have raised the largest Green Bond by a private enterprise in July 2017 with the support of over 100 institutions globally.
We at Greenko group, believe that our value creation model is uniquely positioned to address many salient elements of sustainable development viz., Climate Change, Local and Regional Environmental Degradation, Powering the Economy, Generating Wealth and Employment, Technology and Innovation and Inclusive Development. And these are sustainability focus areas and at the beginning of this report, we have disclosed our contribution in these areas as a part of our accountability to all stakeholders. As this is our first attempt to bring out our sustainability report, we have limited ourselves to the performance figures of the following six plants under three SBUs:
- Solar plants
- SEI Aditya Shakti Private Limited
- Sunborne Energy Andhra Private Limited
- Wind plants
- Greenko Rayala Wind Power Private Limited
- Tanot Wind Power Ventures Private Limited
- Hydro plants
- AMR Power Private Limited
- Greenko Budhil Hydro Power Private Limited.
However, the ESG management systems are deployed across the Greenko Group. I hope you will find this report addressing your material concerns and is adequately informative. We welcome your feedback on our performance and disclosures.