Greenko Energy Holdings (Greenko) today announced the signing of definitive agreements for a primary equity raising of $230 million from an affiliate of GIC and an entity that is ultimately wholly-owned by the Abu Dhabi Investment Authority (ADIA). GIC invested its share, being $80 million, in March 2016 and the ADIA entity will invest the remaining $150 million.

With this transaction, GIC continues to be the majority shareholder of Greenko. The funds will contribute to the continued growth of Greenko’s platform through the development of new renewable energy projects, including low-risk expansions of existing wind farms.

The transaction further demonstrates Greenko’s continued ability to attract long-term infrastructure capital.

Greenko is a leading 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’s current base of funds, combined with its development and execution capability refined over 10 years since its incorporation, has positioned the platform to be a leading contributor to the Indian government’s sustainable and clean energy targets over the coming years.

Greenko also announced the appointment of Om Prakash Bhatt as Non-Executive Chairman of the board, effective April 1, 2016. Bhatt has had a long career at State Bank of India, culminating in a five-year tenure as Chairman of the board. He is credited with improving the bank’s market share and bottom line, and putting the company on the Fortune Global 500 list.

Anil Kumar Chalamalasetty, CEO Greenko Group, 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. We have created a strong and sustainable platform to take advantage of the evolving energy market dynamics and strong sector fundamentals accelerated by new government initiatives, and look forward to Bhatt’s guidance as we move forward.”

GIC is a leading global investment firm with well over $100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore’s foreign reserves.

The Abu Dhabi Investment Authority (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.

Greenko has achieved 1000 MW of operational portfolio and is well funded to grow into a multi gigawatt portfolio over the next few years.

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