India

India

Greenko raises $824m for projects and acquisitions

Indian independent power producer (IPP) Greenko Energy plans to use $824 million in recently raised equity funding to support construction of renewable energy projects integrated with storage and further acquisitions.

Greenko has just over 2.1GW of operational wind power capacity in India, according to its website.
Greenko has just over 2.1GW of operational wind power capacity in India, according to its website.

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It received a further $329 million from sovereign wealth funds the Singaporean fund GIC and the Abu Dhabi Investment Authority (ADIA). 

The funding is in addition to the $495 million provided by the two investors and Greenko shareholders last month.

Anil Chalamalasetty, CEO, said Greenko plans to use the funds to support its construction of "integrated renewable energy assets… competing with conventional energy assets like thermal in quality, quantity and cost".

The IPP said it would also pursue "opportunistic and valuable acquisitions".

Greenko claims to have an operational portfolio of 4.2GW of wind, solar and hybrid projects, and a further 7GW under construction in India.

It has just over 2.1GW of operational wind power capacity, according to its website.

Last year, it added about 1.3GW of solar and wind assets to its portfolio after completing the acquisition of Indian developers Orange Renewables and Skeiron, a subsidiary of turbine manufacturer Suzlon.

GIC, which was formerly known as the Government of Singapore Investment Corporation, and ADIA are existing Greenko stakeholders. After the investment, GIC will remain the majority shareholder of Greenko, the IPP stated.

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