Greenko raises $ 495mn equity funding for 2.4 GW storage projects

Greenko raises $ 495mn equity funding for 2.4 GW storage projects

Agency News

Hyderabad, June 5: Hyderabad-based Greenko Energy Holdings, one of India’s leading renewable energy companies, has announced the signing of definitive agreements for a primary equity raising of US$ 495 million from an affiliate of Singapore-based GIC and an entity that is ultimately wholly-owned by the Abu Dhabi Investment Authority (ADIA).

Post the investment, GIC will continue to remain as the majority shareholder of Greenko. Greenko, which have the operational capacity of over 4.2 GW (DC Capacity of 4.7 GW) diversified across Wind, Solar and Hydro projects, has secured Equity Commitment for two Storage Projects with total capacity of 2.4 GW (1.2GW in Pinnapuram and 1.2GW in Saundatti), the company said in release here Wednesday.

These projects ,which will have an overall capital outlay of US $ 2 billion, are expected to be completed and become operational in the year 2022.

Greenko has also secured financial closure for the Pinnapuram Storage Project and are in advanced discussions for the Saundatti Project.

Greenko continues to scale up on its innovation and digitization efforts in the power sector – working towards transforming renewable energy to reliable, schedulable and flexible energy through forecasting and digitization, building an intelligent energy utility platform as round-the-clock (RTC) flexible renewable power is expected to replace fossil fuels.
Greenko’s investment in Storage Projects is the first step towards this direction and expected to deliver over 15 billion units of schedulable power generation.

We believe the combination of our existing Hydro, Solar and Wind projects and our 24/7 Renewable Power Strategy to help Indian power distribution companies is the right step in our growth trajectory.

The proposed equity commitment from the existing shareholders shows Greenko’s impeccable track record in creating long-term value to all its stakeholders.