Greenko Energy Holdings, which has created a sustainable platform to take advantage of evolving energy market dynamics, has announced that it has raised $155 million in its latest funding round. The investment comes from existing investors Singapore’s sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA).
The investment deal is said to be one of the largest fund-raising exercises in the renewable energy sector. The company will use the money raised in this round to expand its clean energy portfolio to 3 gigawatts (GW) from 2GW.
It will also use the money to develop new renewable energy projects, including recently acquired solar projects and low-risk expansions of existing wind farms.
In the current investment round, ADIA invested $150 million while $80 million came from GIC. Even after this funding round, GIC remains the majority shareholder with a stake of over 60-65%, while ADIA has around 15%. Rest of the shares are held by promoters Anil Chalamalasetty and Mahesh Kolli.
The company has also said that it has signed a definitive agreement that will see GIC invest $123.9 million and an ADIA subsidiary invest $31.1 million. Last year, the company got $230 million in new funds from an entity owned by ADIA and an affiliate of GIC Singapore at a $1 billion valuation.
Commenting on this development, Greenko Group CEO Chalamalasetty, said,
With our attractive diversified and de-risked renewable power portfolio operating utilising latest efficient technologies, we will continue to demonstrate our execution capabilities to reach our vision to be the most admired independent power producer that will deliver gigawatts of clean energy at grid parity.
Greenko Energy Holdings has created a sustainable platform to take advantage of evolving energy market dynamics and strong sector fundamentals backed by government initiatives.
It owns and operates renewable energy assets in India, with an operating a portfolio of over 2,000 MW of wind, solar and small hydro assets. Its current base of funds, combined with its development and execution capability refined over 10 years since incorporation, has positioned the platform to be a leading contributor to Indian government’s sustainable and clean energy targets over the coming years.
The company has also made a few acquisitions in recent times. In last September, it pipped rivals to buy the 1.7 gigawatt Indian wind and solar portfolio of bankrupt clean energy giant SunEdison Inc. for $315 million. In January, it took over an almost ready 100 MW hydroelectric power plant in north India from Abu Dhabi’s TAQA for Rs 650 crore.
