Two sovereign wealth funds have invested $ 550 m in Indian renewable energy company Greenko . The move is the third round of investment in the firm by Alpha Holdings of Singapore and the Abu Dhabi Investment Authority ( ADIA ) , taking their total funding to $ 2bn . India now owns 60 % of company , which plans to use solar power for peak morning power demand , then pump water into reservoirs for hydropower schemes to generate electricity in the evenings . Greenko is expected to have 4.8 GW of solar , wind and hydroelectric power by the end of the 2019 financial year and earnings of $ 500 m .
Two sovereign wealth funds have invested $550m in Indian renewable energy company Greenko. The move is the third round of investment in the firm by GIC Holdings of Singapore and the Abu Dhabi Investment Authority (ADIA), taking their total funding to $2bn. GIC now owns 60% of Greenko, which wants to use solar power for peak morning power demand, then pump water into reservoirs for hydropower schemes to generate electricity in the evenings. Greenko is expected to have 4.8 GW of solar, wind and hydroelectric power by the end of the 2019 financial year and earnings of $500m.