Hyderabad-based Greenko Energy Holdings has announced the signing of definitive agreements for a primary equity raising of $700 million from its existing shareholders. It raised the amount from Singapore’s sovereign wealth fund GIC, Abu Dhabi Investment Authority, Japan’s Orix Corp, and its founders.
The company said it will use the amount towards the capex of pumped storage projects which will have a storage capacity of more than 25 GWh, enabling 45 billion units of dispatchable carbon-free energy. Pumped storage assets have a 100-year life and are currently the most economical long-duration energy storage solution.
Greenko Group has an installed capacity base of 7.3 GW across solar, wind, and hydro generation technologies spread over 100+ projects across 15 states. The company claims its portfolio delivers 20+ billion units of renewable energy annually across the country, constituting 1.5-2% of India’s total electricity needs.
The Group is focused on enabling carbon-neutral solutions to achieve net-zero goals of corporates and global economies at scale through its Cloud Storage Platform. Through its pumped storage projects, the company plans to deliver the lowest-cost energy storage at scale targeting 50 GWh by 2025.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.