ADIA, GIC invest in India’s Greenko
Abu Dhabi Investment Authority (ADIA) and Government of Singapore Investment Corporation (GIC) have invested in Greenko Energy Holdings.
More concretely, Greenko has announced that it has secures about US$230 million in new funds. ADIA has provided a total of US$130 million while GIC has agreed to invest the remaining US$80 million. After the deal closed, GIC will own approximately 60% in the company and ADIA will retain about a 15% stake.
Greenko is an owner and operator of clean energy projects in India. The group is building a portfolio of wind, hydropower, natural gas and biomass assets within India and intends to increase the installed capacity it operates by developing new greenfield assets.
Greenko's portfolio comprises several projects which utilize varied environmental technologies. Greenko currently has 1.0 GW operating capacity and is currently working towards reaching the capacity of 3.0 GW by 2018. The company expects to raise a US$200 million EBITDA in FY17.
According to sources, Anil Kumar Chalamalasetty, CEO Greenko Group, stated:
"With our attractive diversified renewable power portfolio, we will continue to execute on our vision to be the most admired independent power producer delivering multiple gigawatts of clean energy at grid parity to support the growth of the Indian economy."
"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."
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