Greenko raises $700M to fund pumped storage projects
The equity funding will be utilised towards the capex of pumped storage projects which will have storage capacity of more than 25 GWh enabling 45 billion units of carbon free energy.
Friday March 03, 2023,
2 min Read
Homegrownhas raised $700 million (around Rs 5,700 crore) funding from Singapore's sovereign wealth fund GIC, Orix Corporation of Japan, Abu Dhabi Investment Authority (ADIA) and its own founders.
Anil Chalamalasetty and Mahesh Kolli are the founders of Hyderabad-based Greenko Group.
The equity funding will be utilised towards the capital expenditure of pumped storage projects which will have storage capacity of more than 25 GWh (gigawatt hour) enabling 45 billion units of carbon free energy, Kolli, who is the Joint Managing Director of Greenko Group told PTI in a telephonic conversation.
While GIC has 51% share in the funding, Orix Corporation has 16%, ADIA 14% and founders have 13%, he said.
"This equity commitment from the existing shareholders reinforces trust in our vision. CFE is helping accelerate industrial decarbonisation enhancing green quotient of Indian grid and development of green molecules and chemicals at a competitive cost," said Anil Chalamalasetty, CEO and MD of Greenko.
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, accelerating India's energy plans, and spurring the global energy transition to a net-zero economy.
"Greenko is uniquely positioned as the leading market provider of long-duration energy projects through its pumped storage projects," Seng said.
Greenko Group is among the largest renewable energy companies with an installed capacity of about 7.5 gigawatt across solar, wind and hydro generation assets spread in 15 states.