Greenko Energy Holdings, a city-based renewable energy company, Tuesday announced the signing of definitive agreements for a primary equity raising of USD 495 million from an affiliate of GIC and Abu Dhabi Investment Authoritys arm.
Greenko Energy Holdings (Greenko), one of Indias leading renewable energy companies, announced the signing of the definitive agreements for a primary equity raising of US$ 495 million from an affiliate of GIC and an entity that is wholly-owned by the Abu Dhabi Investment Authority (ADIA), the release said.
Greenko, with operational capacity of over 4.2 GW (DC Capacity of 4.7 GW) diversified across wind, solar and hydro projects, has secured the equity commitment for two storage projects with total capacity of 2.4 GW (1.2GW in Pinnapuram, Andhra Pradesh and 1.2GW in Saundatti in Karnataka), it said.
These projects, which are expected to be completed and operational in the year 2022, would have overall capital outlay of USD 2 billion.
Greenko has also secured financial closure for the Pinnapuram Storage Project and are in advanced discussions for the Saundatti Project.
Managing director and chief executive officer of Greenko, Anil Chalamalasetty said the proposed equity commitment from the existing shareholders shows the power producers impeccable trackrecord in creating long-term value to all its stakeholders.
"Greenkos innovative solutions have helped to place us at the forefront of the clean energy sector," he said.
Indian energy markets are transitioning from deficit markets to demand-driven contracts, requiring reliable, flexible and cost-competitive energy, he said.
Greenko is focusing on building integrated renewable energy assets with storage to address these markets by competing with conventional energy assets like thermal in quality, quantity and cost, he added.
Chief investment officer of infrastructure at GIC, Ang Eng Seng said Greenko, as a leader in the Indian renewable energy sector, is well-positioned to execute the integrated renewable energyprojects.
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