StanChart invests $70m in TPG-backed Greenko

The capital will be used for wind and hydropower projects that aim to produce 1 gigawatt of energy, Greenko said in a statement to the London Stock Exchange. The release noted that Standard Chartered's investment includes convertible debt that can be exchanged for equity, and additionally allows Standard Chartered to participate in the IPO of any of Greenko's subsidiaries.

The news comes two months after Greenko announced that it would build $115 million of wind farms in India alongside General Electric (GE), representing GE's first investment in India's renewable energy sector. Greenko and GE said they would contribute $65 million and $50 million, respectively, to the construction of projects with a capacity of 500 megawatts, sufficient to power 875,000 Indian homes.

Greenko was also the first Indian clean energy play for TPG, coming in January 2010. At the time, TPG committed $35 million as part of a placement of 51.4 million new shares and a $116 million capital raise from a selection of institutional and other investors. These included Arden Partners and Greenko's original investors, Aloe Environment Fund and Aloe Environment Fund II. TPG, which invested out of its TPG Growth division, picked up an approximate 10% stake in the business.

Greenko claims more than 600 employees across its facilities in Hyderabad, New Delhi and Bangalore. It aims to build a portfolio of clean energy assets with the capacity to produce approximately 1 GW annually by 2014-2015. The group currently operates seven hydro, six biomass and one gas-liquid plant that produces 183 megawatts of energy.

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• Topics
• South Asia
• Cleantech
• Standard Chartered Private Equity
• TPG Capital
• India
• Cleantech