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Brookfield Asset Management is in talks with Greenko to invest at least $1 billion in the company, as the Hyderabad-based clean energy firm doubles down on providing energy solutions.
The investment could even go up to $1.25 billion at a potential $9-10 billion valuation and may either be in parent Greenko Energy Holdings (GEH) or subsidiary Greenko Zero C, said people aware of the matter.
The partnership with Brookfield, a long-term owner, operator, and developer of infrastructure assets, will help in decarbonising initiatives that both firms have launched. Greenko’s initiatives include pumped hydropower storage infrastructure, green hydrogen for industrial use and ammonia, as well as a cloud-based energy platform.
The funds infusion will make Greenko the second-highest valued renewables company after Adani Green Energy. It will provide long-term growth capital as the company is investing in several mega pumped storage projects in Andhra Pradesh and Rajasthan.