Sovereign wealth funds GIC Holdings Pte Ltd and Abu Dhabi Investment Authority (ADIA) will invest a combined $450 million (around Rs3,000 crore) in Greenko Energy Holdings in one of the largest funding rounds by an Indian clean energy producer.

GIC and ADIA have invested $1.5 billion till date in Greenko Group.

While GIC and ADIA hold 60% and 14%, respectively, in Greenko, founders Kolli and Anil Kumar Chalamalasetty, chief executive and managing director, together hold 26% in the company.

The proceeds of the investments will help fund Greenko’s plan to set up India’s first large integrated clean energy storage project along with generation projects totalling 10 gigawatt (GW) at an estimated investment of around Rs50,000 crore.

The news of the investment comes soon after Greenko agreed to buy Orange Renewable from Singapore’s AT Capital Group at an enterprise value of $1 billion. The equity value of the transaction is about $300 million.