Greenko raises $450 mn, to set up 11 GW integrated renewable projects

Company recently acquired 1 GW projects of Gujarat-based Orange Renewables for $1 bn, making it India's second largest renewable company

Hyderabad-based Greenko Group has raised $450 million for investing in its new business model -- setting up integrated round-the-clock renewable energy projects. Company sources said it will set up close to 11 Gw of hydro along with solar or wind and storage facility.

GIC, which already has 60 per cent stake in the company along with Abu Dhabhi Investment Agency (ADIA), has pumped in $450 million in Greenko. The company recently acquired 1 GW projects of Gujarat-based Orange Renewables for $1 billion making it the second largest renewable company in India with cumulative asset base of 4.2 GW.

Sources said