Greenko Energy Holdings, a renewable energy company, has signed definitive agreement for a primary equity raising of $155 million from an affiliate of GIC and another entity that is wholly-owned by the Abu Dhabi Investment Authority (ADIA). GIC, a global investment firm, is investing $123.9 million and the ADIA subsidiary will invest the remaining $31.1 million. With this transaction, GIC continues to be the majority shareholder of Greenko. The funds will contribute to Greenko’s platform through the development of new renewable energy projects, including recently acquired solar projects and low-risk expansions of existing wind farms, Anil Kumar Chalamalasetty, CEO Greenko Group, said in a release. GIC has over $100 billion in assets under management (AUM) and established in 1981 to secure the financial future of Singapore, the firm manages Singapore’s foreign reserves.
Greenko is an owner and operator of renewable energy assets in India, with an operating a portfolio of over 2,000 MW of wind, solar and small hydro assets. Greenko’s current base of funds, combined with its development and execution capability refined over 10 years since its incorporation, has positioned the platform to be a leading contributor to the Indian government’s sustainable and clean energy targets over the coming years.
Last year, the company has signed agreements to acquire the Indian assets of Sun Edison, at an estimated enterprise value of $392 million. The range of portfolio is 390 MW operating which includes solar 48 MW and wind portfolio of 352 MW. Greenko operation project portfolio becomes 1.5GW. It also raised $230 million from GIC last year.