Greenko raises $700 mn for capex

NEW DELHI: Greenko Group has raised $700 million (around Rs 5,700 crore) funding from Singapore’s sovereign wealth fund GIC, Orix Corporation of Japan, Abu Dhabi Investment Authority and its own founders. Anil Chalamalasetty and Mahesh Kolli are the founders of Hyderabad-based Greenko Group.

The equity funding will be used towards the capex of pumped storage projects which will have storage capacity of more than 25 GWh (gigawatt hour) enabling 45 billion units of carbon free energy, said Kolli, joint MD, Greenko Group. While GIC has 51 per cent share in the funding, Orix Corporation has 16 per cent, ADIA 14 per cent and founders have 13 per cent. Greenko Group has an installed capacity of about 7.5 GW across solar, wind and hydrogen assets.