India's GIC-backed Greenko raises $230m
Greenko Energy Holdings, an Indian renewable energy producer owned by the Singapore sovereign wealth fund, GIC Private, has raised $230 million from GIC and the Abu Dhabi Investment Authority (ADIA).
ADIA is investing $150 million, while GIC, which will continue to hold a majority stake, will invest $80 million through an affiliate. Greenko will use the funds to build its platform through the development of new renewable energy projects and the expansion of existing wind farms.
The company manages more than 1,000 megawatts of wind and small hydropower assets. Its expansion push coincides with the Indian government's target to generate 175 gigawatts through renewable energy by 2022, with 60 GW to come from wind energy.
"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," Greenko CEO Anil Chalamalasetty in a statement.
GIC paid about GBP163 million ($252 million) last October for all of the assets held by Greenko, which was listed on London's AIM market. At the time Greenko said the decision to sell to GIC was due to a belief that its share price was not a fair reflection of its performance due to weak investor sentiment toward India's energy sector.
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