Greenko, India’s largest renewable energy firm will receive fresh primary capital infusion of $550 million from Sovereign wealth funds GIC Holdings Pte Ltd of Singapore and Abu Dhabi Investment Authority (ADIA).
This will be the third round of capital infusion by the two, making the Hyderabad-based company the biggest recipient of foreign capital in the clean energy space in the country.
Set up in 2006 by first-generation entrepreneurs Mahesh Kolli and Anil Kumar Chalamalasetty, Greenko will end fiscal 2019 with 4.8 GW of operational renewable assets across wind, solar, hydroelectric power in 13 states and an expected Ebitda (earnings before interest, tax, depreciation and amortisation) of $500 million. The founders own a quarter of Greenko, and ADIA, the remaining 15%.
The funds will be used primarily toward Greenko’s new initiatives such as building another 5 GW integrated renewables for round-the-clock supply through energy storage contracts.
This is part of Greenko’s pivot from a generation-focussed company to a more holistic solutions provider striving to feed peak grid demand through clean energy sources.
Greenko plans to use solar power to cater to peak demand during 6-10 am. Solar energy generated during non-peak hours between mid-day and evening will be used to pump water into reservoirs. Which will be released between 6-11 pm to generate energy to supply to the national or state power grids.
Reference- Economic Times