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.
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