Greenko Energy Holdings, a leading energy transition company, has signed a definitive agreements for primary equity fund raising of $700 million from affiliates of GIC, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, ORIX Corporation and the founders to spearhead and accelerate the energy transition and decarbonisation efforts through supply of Carbon Free Energy (CFE).
There will be no change in shareholding structure post this investment.
The $700 million investment will be used to fund the capex of pumped storage projects having a storage capacity of over 25 GWh, enabling 45 billion units of dispatchable CFE.
These assets have a 100-year life and are currently the most economical long-duration energy storage solution. Anil Kumar Chalamalasetty, CEO and Managing Director, Greenko said the equity commitment from the existing shareholders reinforces their trust in the company’s effort to accelerate industrial decarbonisation, enhance green quotient of the Indian grid and development of green molecules and chemicals at a competitive cost.
Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC said cost-effective long-duration energy storage is key to unlocking widespread adoption of renewable energy and spurring the global transition to a net-zero economy.