Renewable energy company Greenko Energy Holdings has signed up primary equity funding of $155 million (about ₹1,008 crore) from an affiliate of GIC of Singapore and a wholly-owned entity of the Abu Dhabi Investment Authority (ADIA), to fuel its expansion plans.
While GIC will infuse $123.9 million, the ADIA subsidiary will pitch in with the remaining $31.1 million. Following the transaction, GIC will continue to be the majority shareholder of Greenko.
Mahesh Kolli, Founder-President, Joint Managing Director, Greenko, told BusinessLine, “The funds will be utilised to meet the company’s capex plans. Having a portfolio of over 2.5 giga watts, we are on course to be a 3-GW renewable energy company by the year-end.”
“With a strong portfolio of projects, across hydel, wind and solar, we are on course to a strong growth plan through to the year 2019,” he explained.
The funds will contribute to the continued growth of Greenko through the development of new renewable energy projects, including the recently acquired solar project portfolio from Sun Edison, and low-risk expansions of existing wind farms.
The equity infusion demonstrates Greenko’s ability to attract long-term infrastructure capital and commitment from the existing shareholders on business.
Greenko’s current base of funds, along with its development and execution capability refined over 10 years since its incorporation, has positioned the renewable energy platform as a contributor to the country’s sustainable and clean energy sector.