After receiving $495 million (~₹33.92 billion) as primary equity from General Insurance Corporation (GIC) and Abu Dhabi Investment Authority (ADIA), Greenko Energy Holdings (Greenko), has now secured another $329 million (~₹22.55 billion) of funding from the two investors.
The renewable energy project developer has secured a total equity commitment of $824 million (~₹56.34 billion) from its existing shareholders, according to the company’s statement.
According to the company, “The new capital will be used to fund its business plan, which includes the capex of Integrated Renewable Energy Project (IREP) and also other opportunistic and valuable acquisitions.”
Greenko has also issued warrants to its founders, which will bring in additional equity for the growth of the company when they are exercised over the coming months. With these proposed investments, the company’s business plan will be fully funded for the next two years.
“Indian energy markets are transitioning from deficit markets to demand-driven contracts, requiring reliable, flexible and cost competitive energy. Greenko is focused on building Integrated renewable energy assets with storage to address these markets by competing with conventional energy assets like thermal in quality, quantity and cost,” said Anil Chalamalasetty, CEO of Greenko.
Greenko is expected to deliver over 15 billion units of schedulable power generation, as per the company’s statement. The company has achieved 4.2 GW of operational portfolio with over 7 GW being under construction.
In May this year, Mercom reported that Greenko signed an agreement with Siemens Financial Services for 46% equity investment in its 200 MW Poovani wind power project in Tamil Nadu.
Last year, Greenko raised primary equity of $447 million from an affiliate of GIC and the ADIA.
Greenko Group forged a definitive purchase agreement last year for the acquisition of Skeiron Green Renewables. This was preceded by the deal where Greenko acquired around 907 MW of operational solar and wind projects from Orange Renewables.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.