Greenko Energy Holdings, a renewable energy project developer, has signed a definitive agreement for raising primary equity of $447 million from an affiliate of GIC and a wholly owned entity by the Abu Dhabi Investment Authority (ADIA).

In the agreement, GIC will invest $316.1 million and the ADIA entity will invest the remaining $79.3 million while Greenko Ventures will invest $52 million. After this investment round, GIC will continue to maintain its majority stake in the company.

Earlier, Greenko announced another definitive purchase agreement under which Greenko will acquire Orange Renewables Singapore for a total enterprise value of approximately $922 million. The acquisition includes 907 MW of solar and wind assets and pipeline assets of over 500 MW.

According to the company’s release, Greenko has achieved 3 GW of operational renewable portfolio and over 7 GW of capacity under construction.

In a similar deal in 2017, Greenko raised $155 million in equity funding. The company signed definitive agreements with an affiliate of GIC and an entity that is wholly-owned subsidiary of ADIA to raise the funds.

Later, it also raised ₹30 billion through the sale of onshore rupee-denominated bonds. The bonds will mature in 2027. The bonds have a call option after five years and will pay interest semi-annually.

In 2016, Greenko raised $230 million in capital from Abu Dhabi Investment Authority and GIC.

According to the latest report released by Mercom India Research – India Solar Market Leaderboard 2017, Greenko emerged as the top project developer in 2017.