Singapore GIC affliate Greenko raises $230m from Abu Dhabi state fund

Clean energy technologies deployed in residential area. Credit: Flickr/naturalflow

Clean energy company Greenko Energy Holdings, an affiliate of the Singapore government’s sovereign wealth fund GIC, has raised $230 million in fresh funding from Abu Dhabi Investment Authority and the parent firm.

GIC, which acquired a majority stake in Hyderabad-based Greenko Group Plc’s Mauritius entity (Greenko Energy Holdings) for GBP 162.8 million in October is infusing $80 million into the company through one of its affiliates, the company said. GIC will continue to be the majority shareholder.

Abu Dhabi Investment Authority, the government of Abu Dhabi’s investment arm, is investing the remaining $150 million.

Greenko, which has a diversified portfolio of more than 1,000 MW of wind and small hydro assets, also appointed former State Bank of India chairman Om Prakash Bhatt as the company’s non-executive chairman. Greenko Group Plc is listed on London Stock Exchange’s Alternative Investment Market.

The investment in Greenko comes at a time when the union government has set a target of generating 175 GW through renewable energy by 2022. About 60 GW of this mix would come from wind energy and 100 GW from solar energy, according to the 2015-16 economic survey.

Funds raised from the private equity round will enable Greenko to develop new renewable energy projects, including low-risk expansions of existing wind farms the company said on Tuesday.

“With our attractive diversified renewable power portfolio, we will continue to execute on our vision to be the most admired independent power producer delivering multiple gigawatts of clean energy at grid parity to support the growth of the Indian economy,” Anil Kumar Chalamalasetty, chief executive officer (CEO) of Greenko said 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, and look forward to Mr Bhatt’s guidance as we move forward.”

Apart from increasing installed capacity by developing and building new greenfield assets, Greenko also plans to make “selective” acquisitions. The company plans to increase capacity to 5,000 MW by 2020, Mint reported in March last year.

The country’s renewable energy sector is likely to generate business worth $160 billion over the next five years, a bulk of it from the private sector, according to last year’s economic survey.

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This story was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.