TPG buys into Indian green energy with Greenko
TPG Capital has made its first investment in the country’s clean energy sector, with a c. $35 million buy-in into prominent Indian biomass power generator Greenko, as part of a placement of 51.4 million new shares and a $116 million capital raising from a selection of institutional and other investors.
These include Arden Partners and Greenko’s original investors, Aloe Environment Fund and Aloe Environment Fund II. TPG, which is investing out of its TPG Growth division, will pick up around a 10% stake in the business.
The funds raised are to be used to realize immediate strategic goals, the company says. Presently, Greenko runs 41.5 MW of output of biomass plants, with 59.5 MW of new, small hydro power coming onstream starting in 2009. It has a further 168MW of capacity in licenses in development.
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