GIC-backed Greenko raises $447m, plans acquisition

The investment will support a planned acquisition of Orange Renewable Singapore for a total enterprise value of about $922 million. It would expand Greeko’s existing portfolio of around 3 gigawatts of operation capacity by a further 907 megawatts worth of operational and near-operational assets.

GIC will retain its existing majority shareholding with a contribution of $316.1 million to the transaction. ADIA will invest $79.3 million and Greenko Ventures will invest $52 million. It coincides with rising sentiment for the Indian renewables space on the back of favorable moves around pricing, tariffs, and infrastructure policy. 

“Indian energy markets are transitioning from deficit markets to demand driven contracts requiring reliable, flexible and cost competitive energy,” Anil Chalamalasetty, managing director and CEO at Greenko, said in a statement. “Greenko is focusing on building integrated renewable energy assets with storage to address these markets by competing with conventional energy assets like thermal in quality, quantity and cost.”

Greenko focuses on developing utility scale assets diversified on the basis of offtake, geography and technology, including wind, hydro and solar installations. It has achieved 3,000 megawatts of operational portfolio and more than 7 gigawatts of assets are under construction. Separately, Orange Renewable is said to have an additional 500 MW in pipeline assets across solar and wind.

This is the third investment in Greenko for ADIA, following a commitment last year of $155 million alongside GIC and a $230 million commitment from the two investors in 2016. GIC paid about GBP163 million ($252 million) the prior year for all of the assets held by Greenko, which was listed on London's AIM market.

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• Topics
• South Asia
• Infrastructure
• Expansion
• Cleantech
• India
• Singapore
• GIC Private
• Abu Dhabi Investment Authority (ADIA)
• energy