Greenko secures $700M funding for pumped storage projects
- ByStartupStory | March 3, 2023
According to sources, Greenko Energy Holdings, a renewable energy producer, is set to raise $700 million from existing investors through a rights issue at a valuation of $7 billion, making it India’s second-most valuable renewable power firm after Adani Green Energy, valued at $10.2 billion. Singapore’s GIC owns 52% of Hyderabad-based Greenko, while founders Anil Chalamalasetti and Mahesh Kolli together own 12%, Abu Dhabi Investment Authority owns 14%, and the remaining stake is held by Japanese firm Orix Corporation.
The official announcement of the rights issue is anticipated to be made over the weekend. This primary equity infusion rights issue will allow for the current shareholding structure in the company to remain unchanged as all current shareholders will participate. Currently, Greenko operates 114 projects across 15 states with a total capacity of 7.3 GW.
Greenko Energy Holdings is set to raise $700 million through a rights issue with a valuation of $7 billion, making it India’s second-most valuable renewable power company. The primary equity infusion will maintain the current shareholding structure since all shareholders are participating. Greenko’s current operating portfolio is spread across 15 states and consists of 114 projects with a total capacity of 7.3 GW. The company clocked an operating profit of $625 million in FY22, expected to reach $650 million in FY23 with revenues of $720 million.
The funds raised will be used primarily to double the energy storage projects to 50 GWh from the current 25 GWh. Greenko is also building the world’s largest Integrated Renewable Energy Storage Project in Kurnool district with an investment of over $3 billion, which will play a significant role in India’s energy security and global energy transition. ArcelorMittalNipponSteel India will be a key buyer of this power. However, Greenko has declined to comment on the matter.
Greenko Energy Holdings is developing a 5.2 GW Integrated Renewable Energy Storage Project in Andhra Pradesh’s Kurnool district, which it claims to be the world’s largest single location energy storage project. The company plans to use the funds raised from the $700 million rights issue to double its energy storage projects to 50 GWh, and is currently building similar projects in Karnataka, Maharashtra, and Rajasthan.
In addition, Greenko recently announced an investment of Rs 10,000 crore for a Pumped Storage Project in Neemuch District of Madhya Pradesh.
Follow Startup Story
Related Posts
