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Greenko warns on 2009 profits

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    Date: Wednesday 20 Aug 2008

    LONDON (ShareCast) - Clean energy firm Greenko said profits for the year ending March 2009 will be impacted by the delay of electricity generation at its hydro project in the Karnataka province of India, which was caused by flash floods.

    The group said its power house was flooded after the banks of river Netravathi broke following continuous rains in the region. Preliminary findings indicate the delay to the commencement of electricity generation will be approximately 12 weeks.

    Greenko anticipates that a number of implementing tools, electrical panels and gears will be lost or damaged as they are currently submerged. All damage to equipment is covered under insurance.

    “The delay in commencing generation of power will not affect the viability of the Hydro Projects and profits for the year ending 31 March 2010 and beyond, nevertheless it will have an impact on profits for the year ending 31 March 2009,” said the group.

    It added that a detailed assessment of water damage and the delay to the commencement of electricity production will only be possible once the water is pumped out completely.

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