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Singapore’s GIC May Acquire Stake In Indian Renewable Energy Developer Greenko

Another Indian renewable energy project developer may be on the acquisition radar of international investors. greenko-Logo

Singapore government’s investment arm, GIC, is reported to have entered into an agreement with Greenko Group Plc for the $253 million acquisition of Greenko Mauritius, believed to be the direct owner and developer of several renewable energy and power assets in India.

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 over 800 MW power capacity, including 5 wind energy projects across multiple states in India.

The company is reportedly looking to expand its presence in the Indian renewable energy 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 categorised as renewable energy projects.

In the medium to long-term the company is also planning to aggressively expand its own power generation capacity. Greenko has pledged to add 9.9 GW of renewable energy capacity over the next 5-7 years. This would include 3 GW of solar power capacity, 5.9 GW of wind energy capacity, and 1.09 GW of small hydro and biomass power capacity.

Over the last few months several international companies have either completed acquisitions or announced plans to do so in India. SunEdison acquired Continuum Wind Energy for an estimated price of $600 million; French renewable energy company ENGIE (formerly GDF Suez) had announced plans to acquire majority stake in Kiran Energy Solar Power (a solar power developer) for about $180 million; and Enel Green Power is also planning to invest $140 million in another renewable energy project developer – Bharat Light & Power.

 
 
 
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Written By

Smiti works as a senior solar engineer at a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.

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