Renewable energy firm Greenko Energy Holdings Pvt Ltd has raised $155 million (around Rs 1,008 crore) from existing investors Singapore sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA), the company said in a statement.
GIC will invest $123.9 million while a subsidiary of ADIA—which is the sovereign wealth fund of the emirate of Abu Dhabi—will invest the remaining $ 31.1 million, the firm said.
The firm will use the funds to expand its clean energy portfolio to 3 gigawatts from 2GW.
“The funds will contribute to the continued growth of Greenko’s platform through the development of new renewable energy projects, including recently-acquired solar projects, and expansion of existing wind farms,” it said.
The firm is creating a sustainable platform to take advantage of evolving energy market dynamics and strong sector fundamentals accelerated by new government initiatives, said Anil Kumar Chalamalasetty, CEO Greenko Group.
The follow-on round comes a year after Greenko Energy first raised funds from GIC and ADIA. In March 2016, it raised $230 million from both sovereign funds, with GIC investing around $80 million.
In August, the firm acquired the India assets of Sun Edison, paying close to $270 million.
Greenko owns and operates renewable energy assets across India. It has a portfolio of over 2,000 MW of wind, solar and hydro assets, according to its website.
In June 2016, Tata Power Co. Ltd signed an agreement to buy the renewable energy business of Welspun Group for Rs.9,249 crore, including debt.
Also, overseas investors, including Japan’s Sumitomo Corp, are looking to invest in the Indian clean energy sector and have been scouting for opportunities.
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