GIC-backed Greenko makes add-on acquisitions
Greenko Energy, an Indian renewable energy producer owned by GIC Private, has completed the acquisition of Orange Renewables and agreed to buy Skeiron Green Renewables. The two deals will increase Greenko’s overall operational capacity from 3.2 gigawatts to 4.5 GW.
The company announced in June that it had raised $447 million, primarily from GIC and Abu Dhabi Investment Authority (ADIA) to support the purchase of Orange Renewables for an enterprise valuation of about $922 million. The seller is AT Capital, a Singapore-based investor with holdings in real estate, natural resources, renewable energy, and engineering and construction.
Orange Renewables and Skeiron both operate wind and solar portfolios in India. Greenko said the acquisitions would add approximately $200 million to its EBITDA, while under-construction capacity will rise to 8 GW.
Greenko focuses on developing utility-scale assets diversified on the basis of offtake, geography and technology, including wind, hydro and solar installations. GIC paid about GBP163 million ($252 million) in 2015 for all of the assets held by the company, which was listed on London's AIM market. ADIA teamed up with GIC in funding rounds worth $230 million and $155 million in 2016 and 2017, respectively.
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