Greenko Energy Holdings, a renewable energy company, has raised $230 million from its parent company – GIC, the Singapore government’s sovereign wealth fund, and Abu Dhabi Investment Authority (ADIA).
Greenko is an operator of clean energy projects in India with a focus on wind, hydro and solar assets. The group is focused on building utility scale assets with assets diversified on the basis of offtake, geography and technology. Greenko intends to increase the installed capacity by developing and building new greenfield assets, as well as making selective acquisitions which enhance shareholder value. It has achieved 1000 MW of operational portfolio and is well funded to grow into a multi gigawatt portfolio over the next few years.
In a release, the company said that with this transaction, GIC continues to be the majority shareholder of Greenko. The funds will contribute to the continued growth of Greenko’s platform through the development of new renewable energy projects, including low-risk expansions of existing wind farms. The transaction further demonstrates Greenko’s continued ability to attract long-term infrastructure capital.
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 government’s sustainable and clean energy targets over the coming years.
“With our attractive diversified renewable power portfolio, we will continue to execute our vision to be the most admired independent power producer delivering multiple gigawatts of clean energy at grid parity to support the growth of the Indian economy. We have created a strong and sustainable platform to take advantage of evolving energy market dynamics and strong sector fundamentals accelerated by new government initiatives,” Anil Kumar Chalamalasetty, CEO, Greenko group, said.
ADIA manages a global investment portfolio that is diversified across more than 24 asset classes and sub-categories, including equities, fixed income, real estate, private equity, alternatives and infrastructure.