Greenko Raises $155 Million in Equity Funding

Greenko Energy Holdings (Greenko), a renewable energy company, raised $155 million (~Rs.10.14 billion) in equity funding. The company signed definitive agreements with an affiliate of GIC and an entity that is wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) to raise the funds.

The GIC is investing $123.9 million (~Rs.8.10 billion) and the ADIA subsidiary the remaining $31.1 million (~Rs.2.03 billion), according to Greenko. The funds will be utilized to construct new renewable energy projects, including recently acquired solar projects and low-risk expansion of existing wind projects.

Mercom previously reported, that Greenko completed the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of $42 million (~Rs.2.75 billion) and assumption of project-level debt of $350 million (~Rs.22.9 billion) (at an average interest rate of 11.3 percent).

Prior to the acquisition of SunEdison India, Greenko raised $230 million in capital from Abu Dhabi Investment Authority and GIC in June of 2016. Later in October, the company sold a majority stake to GIC for $213.3 million (~Rs.13.95 billion).

According to Mercom’s India Solar Project Tracker, Greenko has 304 MW of commissioned solar projects and 1,135 MW of solar projects under development.

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