Greenko Energy to raise $230 mn from GIC, ADIA

Renewable energy firm Greenko Energy Holdings has signed an agreement to raise $230 million from an affiliate of Singapore’s sovereign wealth fund GIC and Abu Dhabi investment Authority (ADIA), as per a press statement.

While ADIA, through one of its wholly-owned entities, will invest $150 million, the remaining will be invested by GIC. With this transaction, GIC continues to be the majority shareholder of Greenko.

The funds will enhance growth of Greenko’s platform through the development of new renewable energy projects, including expansion of existing wind farms, the statement said.

“With our attractive diversified renewable power portfolio, we will continue to execute on 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,” said Anil Kumar Chalamalasetty, CEO Greenko Group.

“We have created a sustainable platform to take advantage of the evolving energy market dynamics and strong sector fundamentals accelerated by new government initiatives,” he added.

Greenko is an owner and operator of renewable energy assets in India, operating a diversified portfolio of more than 1,000 MW of wind and small hydro assets. Greenko has achieved 1000 MW of operational portfolio and is well funded to grow into a multi gigawatt portfolio over the next few years.

In August 2015, Greenko had inked an agreement to sell its entire stake in its Mauritius-based holding firm for Indian assets to Singapore's sovereign wealth fund GIC for £162.8 million ($255 million).

In October 2014, the energy firm had raised $125 million from Washington-based energy and infrastructure-focused asset management firm EIG Global Energy Partners, through its subsidiary Greenko Mauritius.

With over $100 billion in assets under management, the GIC is a global investment firm and manages Singapore’s foreign reserves.

On the other hand, ADIA has been investing funds on behalf of the Government of Abu Dhabi since 1976, with a focus on long-term value creation. ADIA manages a global investment portfolio that is diversified across more than two dozen asset classes.

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