Greenko Energy Raises US$ 700 Million for Pumped Storage Projects

Greenko Energy Holdings (Greenko), one of India’s leading energy transition companies, has announced the signing of definitive agreements for a primary equity raising of US$ 700 million from affiliates of GIC, a wholly owned subsidiary of the Abu Dhabi Investment Authority, ORIX Corporation and the Founders to spearhead and accelerate the energy transition and decarbonisation efforts through supply of Carbon Free Energy (CFE).

The US$ 700 million investment will be used towards the capex of pumped storage projects which will have storage capacity of more than 25 GWh, enabling 45 billion units of dispatchable CFE. These assets have a 100-year life and are currently the most economical long duration energy storage solution.

Commenting on the equity commitment, Anil Kumar Chalamalasetty, CEO and Managing Director at Greenko said “This equity commitment from the existing shareholders reinforces their trust in our vision. Greenko is leading India’s energy transition through implementation of large scale and long-term solutions, and it continues to deliver long-term value to all our stakeholders. CFE is helping accelerate industrial decarbonisation, enhancing green quotient of Indian grid and development of green molecules and chemicals at a competitive cost.”

Mr. 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 transition plans, and spurring the global 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. We are pleased to support Greenko’s continued growth momentum in this sector.”