Greenko's pact with GIC, ADIA for $329 mn more equity funding

: Greenko Energy Holdings, a renewable energy company, Friday said it has signed definitive agreements for a primary equity of USD 329 million from an affiliate of Singapores sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA).

This amount is in addition to the $495 million previously announced.

After the investment, GIC would continue to remain as the majority shareholder of Greenko, a press release from the company said here.

Greenko has an operational capacity of over 4.2 GW (DC capacity of 4.7 GW) diversified across wind, solar and hydro projects, the release said.

The firm has secured a total equity commitment of $824 million from its existing shareholders subject to meeting certain conditions, it said.

The new capital would be used to fund its business plan which includes the capex of integrated renewable energy projects (IREP projects) and also other opportunistic and valuable acquisitions, it said.

The proposed equity commitment from the existing shareholders shows Greenkos track record in creating long-term value to all its stakeholders.

"Greenko's innovative solutions have helped place us at the forefront of the clean energy sector," the company's managing director and chief executive officer Anil Chalamalasetty was quoted as saying in the press release.