Renewable energy company Greenko Energy Holdings (Greenko) has signed agreements for a primary equity funding of $155 million from an affiliate of GIC and an entity that is ultimately wholly-owned by the Abu Dhabi Investment Authority (ADIA).
GIC is investing $123.9 million and the ADIA subsidiary will invest the remaining $ 31.1 million.
With this transaction, GIC continues to be the majority shareholder of Greenko. The funds will contribute to the continued growth of Greenko through the development of new renewable energy projects, including recently acquired solar projects and low-risk expansion of existing wind farms.
The transaction further demonstrates Greenko’s continued ability to attract long-term infrastructure capital and commitment from the existing shareholders on business.
Greenko has a utility scale portfolio of over 2,000 MW of wind, solar 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 as a leading contributor to the Indian government’s sustainable and clean energy targets over the coming years.
Anil Kumar Chalamalasetty, CEO, Greenko Group, 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.”
“We have created a strong and sustainable platform to take advantage of evolving energy market dynamics and strong sector fundamentals accelerated by new government initiatives,” he said.
GIC is a leading global investment firm with over $100 billion in assets under management. The firm manages Singapore’s foreign reserves.
The Abu Dhabi Investment Authority has been prudently investing funds on behalf of the Government of Abu Dhabi, with a focus on long-term value creation.