June 7 (Renewables Now) - India’s Greenko Energy Holdings announced this week that it has raised USD 495 million (EUR 437m) in equity funding for 2.4 GW of storage projects.
The company has signed definitive agreements with an affiliate of global investment firm GIC and a wholly-owned entity of Abu Dhabi Investment Authority (ADIA) for a primary equity raising of the above-mentioned amount.
The fresh funds will be used in the development of two energy storage projects, one in Pinnapuram, Andhra Pradesh and another in Saundatti, Karnataka, each with a capacity of 1.2 GW. Greenko has reached financial close for the Pinnapuram project and is in advanced talks for the other. Their overall capital outlay is calculated at USD 2 billion.
The two projects are expected to be finalised in 2022.
The Indian renewable energy company currently has more than 4.2 GW of operational power generating capacity. GIC is the majority owner of Greenko and will remain as such following the transaction, the announcement says.
(USD 1.0 = EUR 0.884)