Greenko Energy Holdings (Greenko), a renewable energy company, raised $155 million (~Rs.10.14 billion) in equity funding. The company signed definitive agreements with an affiliate of GIC and an entity that is wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) to raise the funds.
The GIC is investing $123.9 million (~Rs.8.10 billion) and the ADIA subsidiary the remaining $31.1 million (~Rs.2.03 billion), according to Greenko. The funds will be utilized to construct new renewable energy projects, including recently acquired solar projects and low-risk expansion of existing wind projects.
Mercom previously reported, that Greenko completed the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of $42 million (~Rs.2.75 billion) and assumption of project-level debt of $350 million (~Rs.22.9 billion) (at an average interest rate of 11.3 percent).
Prior to the acquisition of SunEdison India, Greenko raised $230 million in capital from Abu Dhabi Investment Authority and GIC in June of 2016. Later in October, the company sold a majority stake to GIC for $213.3 million (~Rs.13.95 billion).
According to Mercom’s India Solar Project Tracker, Greenko has 304 MW of commissioned solar projects and 1,135 MW of solar projects under development.
Image Credit: Milad Mosapoor (Own work) [Public domain], via Wikimedia Commons
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.