GIC, ADIA to Endow $550 million in Greenko

Independent wealth funds GIC Holdings Pte Ltd of Singapore and Abu Dhabi Investment Authority (ADIA) have announced that they are capitalizing $550 million of fresh primary capital in Greenko.

This will be the third round of capital infusion by the two, making the Hyderabad-based company the major beneficiary of foreign capital in the clean energy space in the country. After this, the two prime promoters of the company would have put a total $2 billion in the 13-year-old company, with GIC, the principal stockholder with a 60% stake, alone instilling $1.4 billion. With $3.2 billion of liability, Greenko’s enterprise estimation will swell to $5.2 billion.

Set up in 2006 by first-generation entrepreneurs Mahesh Kolli and Anil Kumar Chalamalasetty, Greenko will finish fiscal 2019 with 4.8 GW of operational renewable assets across wind, solar, hydroelectric power in 13 states and an estimated EBITDA of $500 million. The originators own a quarter of Greenko, and ADIA, the lingering 15%.