India’s Greenko Group has raised $700 million (around Rs 5,700 crore) in funding from Singapore’s sovereign wealth fund GIC, Orix Corporation of Japan, Abu Dhabi Investment Authority (ADIA) and its own founders.
The equity funding will be utilised towards the capital expenditure of pumped storage projects which will have a storage capacity of more than 25 GWh (gigawatt hour), enabling 45 billion units of carbon free energy, Kolli, who is the Joint Managing Director of Greenko Group told PTI.
“This equity commitment from the existing shareholders reinforces trust in our vision. CFE is helping accelerate industrial decarbonisation enhancing green quotient of Indian grid and development of green molecules and chemicals at a competitive cost,” said Anil Chalamalasetty, CEO and MD of Greenko.
The definitive agreements for the primary equity round have been inked, and GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority currently hold 52% and 14%, respectively. In Hyderabad-based Greenko, ORIX Corp. has a 22% stake. Kolli and Chalamalasetty own the remaining 12% stake.
Source @Indianstartupnews
