Greenko raises $230 mn from GIC, ADIA

Greenko Energy today announced the signing of definitive agreements pertaining to raising primary equity of USD 230 million (around Rs 1,530 crore) from an affiliate of Singapore-based investment firm GIC and an entity owned by Abu Dhabi Investment Authority.
According to a statement issue by Greenko, the ADIA entity will be investing USD 150 million while GIC has already invested USD 80 million in March this year.
"With this transaction, GIC continues to be the majority shareholder of Greenko. The funds will contribute to the continued growth of Greenko's platform through development of new renewable energy projects, including low-risk expansions of existing wind farms," the statement said.

The transaction further demonstrates Greenko's continued ability to attract long-term infrastructure capital, it said.
Greenko is one of the leading owner and operator of renewable energy assets in India, operating a diversified portfolio of over 1,000 mw of wind and small hydro assets.
The group's current base of funds, combined with its development and execution capability refined over 10 years since its incorporation, has positioned the platform to be a leading contributor to the Indian government's sustainable and clean energy targets over the coming years, the company said.

Greenko also announced the appointment of Om Prakash Bhatt as non-executive chairman of the board, effective April 1, 2016.

Bhatt had a long and successful career at State Bank of India, country's largest banking and financial services company by assets, culminating in a five-year tenure as Chairman of its board, the statement said.
Greenko Group CEO Anil Kumar Chalamalasetty said: "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.