Sovereign wealth funds GIC Holdings Pte Ltd of Singapore and Abu Dhabi Investment Authority (ADIA) are investing $550 million of fresh primary capital in Greenko, India’s largest renewable energy firm.
This will be the third round of capital infusion by the two, making the Hyderabad-based company the biggest recipient of foreign capital in the clean energy space in the country, said several people with knowledge of the matter. After this, the two principal sponsors of the company would have put a total $2 billion in the 13-year-old company, with GIC, the largest shareholder with a 60% stake, alone infusing $1.4 billion. With $3.2 billion of debt, Greenko’s enterprise valuation will swell to $5.2 billion.
