Clean energy firm Greenko Energy Holdings, an affiliate of Singapore government’s sovereign wealth fund GIC, has raised $230 million in fresh funding from Abu Dhabi Investment Authority and the parent firm.
GIC, which acquired a majority stake in Hyderabad-based Greenko Group’s Mauritius entity (Greenko Energy Holdings) for 162.8 million pounds in October, is infusing $80 million into the company through one of its affiliates, the company said. GIC will continue to be the majority shareholder.
Abu Dhabi Investment Authority, the government of Abu Dhabi’s investment arm, is investing the remaining $150 million. Greenko, which has a diversified portfolio of more than 1,000 MW of wind and small hydro assets, also named former State Bank of India chairman Om Prakash Bhatt as the company’s non-executive chairman.
The investment in Greenko comes at a time when the Union government has set a target of generating 175 GW through renewable energy by 2022. About 60 GW of this mix would come from wind energy and 100 GW from solar energy, according to the 2015-16 economic survey.
Funds raised from the private equity round will enable Greenko to develop new renewable energy projects, including low-risk expansions of existing wind farms.
