Renewable energy firm Greenko raises $230 million equity

Also appoints former SBI chairman OP Bhatt as non-executive chairman

Hyderabad-based Greenko Energy Holdings today announced the signing of definitive agreements for a primary equity raising of $230 million (Rs 1,537 crore) from an affiliate of global investment firm GIC, Singapore, and an entity of Abu Dhabi Investment Authority (ADIA).

GIC, which owned about 84% stake in Greenko prior to the transaction, has invested its share of $80 million in March 2016 and the ADIA entity will invest the remaining $ 150 million, according to Greenko management.

Greenko did not reveal the percentage of equity that was being divested in favour of ADIA towards $150 million investment. However, it has maintained that GIC would continue to be the majority shareholder post the transaction.

The funds will contribute to the continued growth of Greenko's platform through the development of new renewable energy projects, including low-risk expansions of existing wind farms, it said.

Founded by its chief executive officer Anil Kumar Chalamalasetty, Greenko currently owns and operates more than 1000 mw of wind and small hydro assets in India.

The company also announced the appointment of former State Bank of India chairman Om Prakash Bhatt as non-executive chairman of the board, effective April 1, 2016.

"With our attractive diversified renewable power portfolio, we will continue to executive on our vision to be the most admired independent power producer delivering multiple giga watts of clean energy at grid parity to support the growth of the Indian economy. We have created a strong and sustainable platform to take advantage of evolving energy market dynamics and strong sector fundamentals accelerated by new government initiatives, and look forward to Bhatt's guidance as we move forward,"Anil Chalamalasetty said.

Last year Chalamalasetty and his partners had sold majority shareholding in Greenko to GIC.