Singapore, UAE Sovereign Funds Invest $230 Million In Indian Renewable Energy Company
Greenko Energy Holdings secured a major investment boost in its endeavor to expand its footprint in the Indian renewable energy market.
Greenko recently announced that Abu Dhabi Investment Authority (ADIA) and Singapore government’s sovereign fund GIC will together invest $230 million.
GIC announced plans to invest in Greenko in March this year, and remains the majority stakeholder in the company. ADIA will be investing in the company for the first time. GIC will invest $50 million while ADIA will bring in $130 million.
Greenko owns several power plants in India based on wind, hydro, biomass, and natural gas power technologies, with its largest footprint in the wind energy sector. The company operates around 1 GW of capacity, including 5 wind energy projects across multiple states in India.
The company is reportedly looking to expand its presence in the Indian renewable and clean energy market through inorganic growth in the hydropower sector and is looking to acquire assets in that market segment. Last year, the company had acquired a 70 MW hydro power project and two small-hydro power projects of 5 MW capacity each. In India, hydro power projects up to 25 MW capacity are only categorized as renewable energy projects.
ADIA made an investment last year in another independent power producer in the renewable energy market in India. ReNew Power Ventures received $200 million as equity investment from ADIA.
In early 2015, Greenko pledged to add 9,990 MW of renewable energy capacity over the next 5–7 years. This includes 3,000 MW of solar power capacity, 5,900 MW of wind energy capacity and 1,090 MW based on other renewable energy technologies.
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