MUMBAI: Greenko is making its boldest bet yet in hydel power, buying a chunk of Teesta Stage III in Sikkim, the largest private hydroelectric project in Asia, in a multi-phased transaction, people in the know said.
The transaction will further bulk up the operating renewable portfolio of Greenko, backed by Singapore’s GIC and Abu Dhabi Investment Authority, to 6.2 gigawatts and give a much-needed exit to the project’s original financiers — a group of marquee PE investors who have been stuck for almost a decade after putting in $425 million to bankroll this high-profile venture in 2010.
