Purpose
This is Greenko's second consecutive Integrated report, drawn up to provide the reader with a comprehensive view of Greenko’s performance in creating long term value for stakeholders through operational, financial, environmental, social, intellectual and governance efforts. This report is prepared through structured effort involving internal reflection, to map value creation factors and to assess the adequacy of strategy to protect and to enhance value creation in the face of disruptions. Further, Greenko seeks to transform into a utility of the future by deploying digitization and decentralization measures and make the clean, reliable and affordable power in India, a possibility. This report details Greenko’s efforts in the transformation to Greenko 3.0 and 4.0.
Content Orientation
This report is an account of how Greenko’s strategic initiatives are effective in protecting and enhancing both financial and non -financial value creation, retention and distribution. In the subsequent sections, (i) snapshot of Greenko’s assets and operations is presented in the context of its decade-old journey (ii) the framework of trust that is essential for stakeholders to co-operate and co-create value (iii) how value creation ability of Greenko is protected and enhanced in the face of external developments that are disrupting the energy sector businesses and (iv) the performance of Greenko in creating and sharing value.
This report is intended to communicate our effective pursuit of GKO 3.0 and 4.0 in the face of evolving contours of regulations, technology and ecosystems. The report details Greenko’s continuing pursuit of Integrated Renewable Energy Storage Projects and digitisation across operations including building an Integrated Energy Platform. To reinforce agility, Greenko has set in motion People, Process and Systems across all operations and implemented "ownership model" of organization development. These organizational initiatives to build the future energy utility of India are outlined in this report.
Information Boundary
The information and data in the report correspond to the progress made during the period 01st April 2018 to 31st March 2019 and refer to all the entities within the Greenko Group.
The report contents also mention figures and events from the past to offer perspective. The forward-looking statement contained in this report is based on the analysis of the current context and its expected outcome is susceptible to change. Care is taken to ensure that all data in this report is as accurate as possible.
Guidelines and Standards
This report has been prepared in line with the framework established by the International Integrated Reporting Council (IIRC). This report also refers to GRI Standards for reporting and captures Greenko’s contribution towards achieving the objectives of UNSDGs.
Greenko, Powering India with a vision of Decarbonized, Digitalized and Decentralized energy assets and re-defining the sector.
Om Prakash Bhatt
Chairman
Dear Stakeholders,
It is my great pleasure to present to you, the performance of Greenko contributing to financial and non-financial value creation for its entire stakeholder community.
Greenko is widely respected for its adherence to values and its pursuit towards building a responsible and sustainable business model focused on the empowerment of people, preservation of the environment and inclusive economic development. Further, Greenko would advance and extend this business philosophy - “To lead Decarbonization, Digitalization and Decentralization of India’s Energy Sector”. Greenko believes that the pursuit of its vision would make it possible to provide, clean, reliable and affordable power, which will drive prosperity for people and the planet.
In India, the energy sector is stressed with a high cost of coal and gas-based power generation, decelerated electricity demand growth, difficulties of early and exuberant business models of RE and the well-known challenge of weak financial position of state-owned distribution utilities. It is a testimony for Greenko and the wise moves of its leadership that it is not in the trap that some of the sector is in. Over the last few years, Greenko while continuing to operate its existing assets efficiently and effectively is preparing tirelessly for a transition to generate schedulable electricity at utility-scale to power economic growth in India.
Greenko believes that adherence to Values has been and will continue to be the foundation on which Greenko's edifice has been and will continue to be built. This unwavering commitment to values and successful transitions in the business model in the face of disruptions in the environment is the reason for the continued stakeholders trust in Greenko. We are fortunate to also have the support of GIC, our main shareholder, who views ESG (Environmental, Social, and Governance) factors as central to its core tenets as a long-term investor. GIC believes that companies with good sustainability practices are likely to perform well financially in the long term.
According to the strategy established for the transition in line with our actions in recent years, Greenko is going to undertake a major investment plan with a focus on integrated renewable energy projects combined with intelligent energy platforms to provide innovative real-time solutions for the significant growth of our customers. The regulations are in transit and a favorable ecosystem is still evolving to support the IoT movement, but Greenko being a leader in the industry is actively engaging with all stakeholders, participating in advocacy to boost the movement further. We are encouraged to find that regulators and policymakers appreciate our solutions to address the challenges that provide clean, reliable and affordable energy to power sustainable growth of India.
During 2018-19, we have added new expertise to the Board, made it more diverse. The board committees, audit, remuneration and others, have been very active and guided the management in facing the new challenges during business transformation. The board has ensured that the management plans for transitioning to Greenko 3.0 are robust and practical, and will deliver shareholder value. The risks are diligently identified and mitigated to a large extent and the provisions are made for residual ones.
In this report, we have outlined our value creation process and how it is transforming to harness new value pools to deliver clean, reliable and affordable energy to power sustainable growth of India. We will be keen to listen to our stakeholders - concerns and suggestions.
Om Prakash Bhatt
Chairman
Dear Stakeholders,
It is my great pleasure to present to you, the performance of Greenko contributing to financial and non-financial value creation for its entire stakeholder community.
Greenko is widely respected for its adherence to values and its pursuit towards building a responsible and sustainable business model focused on the empowerment of people, preservation of the environment and inclusive economic development. Further, Greenko would advance and extend this business philosophy - “To lead Decarbonization, Digitalization and Decentralization of India’s Energy Sector”. Greenko believes that the pursuit of its vision would make it possible to provide, clean, reliable and affordable power, which will drive prosperity for people and the planet.
In India, the energy sector is stressed with a high cost of coal and gas-based power generation, decelerated electricity demand growth, difficulties of early and exuberant business models of RE and the well-known challenge of weak financial position of state-owned distribution utilities. It is a testimony for Greenko and the wise moves of its leadership that it is not in the trap that some of the sector is in. Over the last few years, Greenko while continuing to operate its existing assets efficiently and effectively is preparing tirelessly for a transition to generate schedulable electricity at utility-scale to power economic growth in India.
Greenko believes that adherence to Values has been and will continue to be the foundation on which Greenko's edifice has been and will continue to be built. This unwavering commitment to values and successful transitions in the business model in the face of disruptions in the environment is the reason for the continued stakeholders trust in Greenko. We are fortunate to also have the support of GIC, our main shareholder, who views ESG (Environmental, Social, and Governance) factors as central to its core tenets as a long-term investor. GIC believes that companies with good sustainability practices are likely to perform well financially in the long term.
According to the strategy established for the transition in line with our actions in recent years, Greenko is going to undertake a major investment plan with a focus on integrated renewable energy projects combined with intelligent energy platforms to provide innovative real-time solutions for the significant growth of our customers. The regulations are in transit and a favorable ecosystem is still evolving to support the IoT movement, but Greenko being a leader in the industry is actively engaging with all stakeholders, participating in advocacy to boost the movement further. We are encouraged to find that regulators and policymakers appreciate our solutions to address the challenges that provide clean, reliable and affordable energy to power sustainable growth of India.
During 2018-19, we have added new expertise to the Board, made it more diverse. The board committees, audit, remuneration and others, have been very active and guided the management in facing the new challenges during business transformation. The board has ensured that the management plans for transitioning to Greenko 3.0 are robust and practical, and will deliver shareholder value. The risks are diligently identified and mitigated to a large extent and the provisions are made for residual ones.
In this report, we have outlined our value creation process and how it is transforming to harness new value pools to deliver clean, reliable and affordable energy to power sustainable growth of India. We will be keen to listen to our stakeholders - concerns and suggestions.
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