Hyderabad based Greenko raises 155 Million Dollars Equity from GIC and Abu Dhabi Investment Authority

India’s Greenko Energy has raised $155 million equity funding from ADIA and an affiliate of global investment firm GIC to expand its clean energy portfolio to 3 GW from 2GW.

Indian renewable energy firm Greenko Energy Holdings has signed up primary equity funding of $155 million (about Rs 1008 crore) from an affiliate of global investment firm GIC and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), to fuel to its clean energy portfolio to 3 GW from 2GW.

While GIC will infuse $123.9 million, the subsidiary of ADIA will invest the remaining $31.1 million.

Greenko Energy has told BusinessLine that the the funds will be utilized to meet the company’s capex plans, and having a portfolio of over 2.5 giga watts, we are on course to be a 3-GW renewable energy company by the year-end.

Further, Mahesh Kolli, Founder-President, Joint Managing Director, Greenko told the publication that with a strong portfolio of projects, across hydel, wind and solar, we are on course to a strong growth plan through to the year 2019.

The funds will be utilized in the contribution of the continued growth of Greenko Energy through the development of new renewable energy projects, along with the recently acquired solar project portfolio from Sun Edison. The equity infusion demonstrates Greenko’s ability to attract long-term infrastructure capital and commitment from the existing shareholders on business.