Greenko Plans to Raise Upto $4.5bn for Renewable Energy Projects

Greenko Group is planning to raise up to USD 4.5 billion in a mix of equity and debt from local banks. The group will invest the amount in various projects over the next three years.

The group has already received commitments from its shareholders for an equity contribution of USD 1.3 billion. Its Mauritius arm is looking to raise USD 750 million via green bonds, which will be used to build storage capacity.

The remaining USD 2.45 billion will come from the Indian banks, which will be invested in green projects, storage and energy transition.

The group is also in separate talks with Canada’s Brookfield Asset Management to sell 10 percent in the holding company for a consideration of USD 1 billion at a valuation of USD 10 billion.

With the infusion of funds from Brookfield, the company will build storage capacity for renewable energy in India.

The focus of the company now would be to set up energy storage plants across the country, of which four-five will come up by 2025.