Two sovereign wealth funds have invested $550m in Indian renewable energy company Greenko. For a company that has grown through acquisitions, the focus on greenfield and storage will be unique, said industry observers as the government maintains its 200 GW target for green energy supply in the country. 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. “India has a huge potential for clean energy, but it needs more support from its own government,” said Gautam Adani, chairman of GVK Infrastructure Partners, which led an earlier $200m fund into solar 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.
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. “India has a huge potential for clean energy, but it needs more support from its own government,” said Gautam Adani, chairman of GVK Infrastructure Partners, which led an earlier $200m fund into solar 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.