Greenko receives $155m from GIC, ADIA

ADIA will provide $31.1 million, while GIC will invest the remaining $123.9 million. After the investment GIC will remain the majority shareholder of Greenko, as it has been since 2015 when it paid GBP162.8 million ($252 million) to delist the company from London’s AIM market. Greenko will use the new capital to support development of recently acquired solar energy projects and existing wind farms.

This is the second investment in Greenko for ADIA, following a commitment last year of $230 million alongside GIC. The fund invests across a wide range of asset classes, with investments in Asia accounting for 10-20% of its portfolio according to the most recent annual review. Last year ADIA announced plans to open an office in Hong Kong to identify new investment opportunities in China and other Asian markets.

Greenko owns and operates over two gigawatts of wind, solar and small hydropower assets in India. Currently it is focused on expanding its capacity in concert with the Indian government’s target of generating 175 gigawatts through renewable energy by 2022.

“We will continue to demonstrate our execution capabilities to reach our vision to be the most admired independent power producer that will deliver gigawatts of clean energy at grid parity,” said Greenko CEO Anil Chalamalasetty in a statement. “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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• Topics
• South Asia
• Infrastructure
• Expansion
• Infrastructure
• Cleantech
• India
• energy
• GIC Private
• Abu Dhabi Investment Authority (ADIA)