The Hyderabad-based renewable energy firm will use the funds primarily for new initiatives such as building another 5 GW integrated renewables for round-the-clock supply through energy storage contracts.
Significantly, the company is aiming for 20 GW of storage-based energy contracts and its future capex is focused on that, Economic Times quoted while sharing the details of fresh investment.
Greenko plans to complete three new projects in the states of Andhra Pradesh, Karnataka and Maharashtra by 2021, according to the report.
Singapore government-owned GIC (formerly known as Government of Singapore Investment Corporation) is the largest shareholder in Greenko with a 60% stake and investing $1.4 billion alone. The company founders own 25%, and Abu Dhabi government-owned ADIA the remaining 15%, it added.
Significantly, Greenko, which has grown through acquisitions in India, intends to become a more holistic solutions provider by meeting peak grid demand through clean energy sources. It believes the combination of its existing hydro, solar and wind projects with a 24/7 on-demand schedulable renewable power strategy to help Indian power distribution companies is the right next step in its growth trajectory.
Greenko claims to be the first company in India to receive licenses to build and operate integrated renewable energy projects from the state governments of Andhra Pradesh and Karnataka with an overall capacity of over 8 GW.
Last year alone, it spent close to $1 billion to acquire Orange and Skeiron Renewable Energy. “The combined deal of Orange and Skeiron added about 1,300 MW operating and near-completion wind and solar assets,” read a press statement of the company.