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Doubling Transmission Capacity of Existing Grid Through Reconductoring: Report


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					</table><p>In a bid to expand India&#8217;s power transmission network, <a href="https://www.sterlitepower.com/" target="_blank" rel="noopener">Sterlite Power</a>, a transmission developer, and Singapore-based <a href="https://www.gic.com.sg/" target="_blank" rel="noopener">GIC</a>, an investment firm, have announced the creation of a joint venture (JV).</p>
<p>The JV will focus on developing and operating power transmission projects across the country to meet the rapidly growing demand for energy evacuation.</p>
<p>Under the agreement, Sterlite Power will hold a 51% majority stake in the new company, while GIC will own the remaining 49%.</p>
<p>The agreement comes at a time when India is aggressively pursuing its clean energy transition goals. Expanding the transmission network is crucial to integrating more renewable energy sources into the grid and ensuring reliable power delivery.</p>
<p>According to the press release, the new platform will contribute towards India’s announcement of over $13 billion in capital expenditure for new transmission projects.</p>
<p>“India&#8217;s renewable vision calls for investments in transmission to unlock the full potential of 500 GW of renewable power. With GIC as our partner, we are poised to play a leading role in India&#8217;s transmission sector, starting with the $13 billion bid pipeline,” said Pratik Agarwal, Managing Director of Sterlite Power.</p>
<p>Last year, in an <a href="https://www.mercomindia.com/grid-modernization-key-sterlite-power-interview" target="_blank" rel="noopener">interview</a> with Mercom, Sterlite Power CEO of Infrastructure Business, Arun Sharma had said that the Indian government has planned to build transmission infrastructure, estimated to cost ₹2.44 trillion (~$29.3 billion), which will involve the construction of 50,890 circuit km of transmission lines and 4,33,575 MVA of substation capacity.</p>
<p>At the time, the company had a portfolio of 32 completed, sold, and under-construction projects covering 15,350 circuit km of transmission lines across India and Brazil. Out of a total portfolio of 11,000 circuit km of transmission lines across India, 8,400 circuit km of transmission lines were commissioned.</p>
<p>In November last year, the company <a href="https://www.mercomindia.com/sterlite-power-energy-transmission-project-in-rajasthan" target="_blank" rel="noopener">won</a> the order for Phase-IV (Part-1-Bikaner Complex): Part-B Transmission project to evacuate 8 GW of renewable energy in Rajasthan.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Singapore’s GIC and Sterlite Form JV to Expand India’s Power Transmission Network


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					</table><p><a href="https://www.gentari.com/" target="_blank" rel="noopener">Gentari</a>, the clean energy division of Malaysia&#8217;s Petronas, has entered into an agreement with AM Green, a green energy platform initiated by the founders of India-based <a href="https://greenkogroup.com/" target="_blank" rel="noopener">Greenko</a>, to produce 5 million tons per annum (MTPA) of green ammonia by 2030 using renewable energy sources.</p>
<p>Gentari, through its wholly owned subsidiary, Gentari International Renewables, will co-invest progressively in AM Green Ammonia Holdings (AMG Ammonia). An affiliate of Singapore&#8217;s investment entity, GIC, is also an investor in AMG Ammonia.</p>
<p>The partnership sets its sights on multi-location production of green ammonia across India. It expects to contribute to India&#8217;s net-zero goals and address the renewable energy demands of Germany, Japan, South Korea, and Singapore. Exports of green ammonia to these key markets are expected to commence by late 2025.</p>
<p>The AM Green Ammonia unit is poised to become a fully funded platform post-investment, enabling phased investments in Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka, and Himachal Pradesh.</p>
<p>AM Green&#8217;s production of green ammonia will be underpinned by round-the-clock renewable energy, made possible through offtake agreements with power producers and electrolyzers manufactured by another unit of AM Green, AM Green Technology and Solutions.</p>
<p>The 5 MTPA of green ammonia equals approximately 1 MTPA of green hydrogen, signifying a fifth of India&#8217;s target for green hydrogen production under the country&#8217;s National Green Hydrogen Mission and 10% of Europe&#8217;s green hydrogen imports by 2030.</p>
<p>“We are delighted to partner with Gentari and GIC to venture into the global low-carbon green economy. The commitment from Gentari and GIC underpins Prime Minister Modi’s vision for India to become a leader in the global energy transition. This strategic partnership will work to accelerate net zero targets of various industries and several OECD economies. Continuous focus on innovation and execution will ensure our venture, AM Green, remains ahead of others in becoming a global clean energy transition solutions platform,” said Anil Chalamalasetty, Founder of Greenko Group and AM Green.</p>
<p>For Gentari, robust collaborations in their focal market of Malaysia and the broader Asia Pacific region are pivotal to realizing their global aspiration of achieving up to 1.2 MTPA in clean hydrogen production by 2030.</p>
<p>Greenko began <a href="https://www.mercomindia.com/greenko-export-green-ammonia-uniper" target="_blank" rel="noopener">negotiations</a> with Germany-based energy company Uniper in February this year for the annual offtake of 250,000 tons of green ammonia to the European Union. Under the agreement, green ammonia would be supplied from Phase I of Greenko ZeroC’s ammonia production unit.</p>
<p>In July, Gentari <a href="https://www.mercomindia.com/renew-gentari-enter-jv-renewable-assets-in-india/" target="_blank" rel="noopener">signed</a> a 50:50 joint venture agreement with ReNew to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India. The partnership followed Gentari’s initial investment for a 49% equity stake in ReNew Power’s 403 MW  power project that the latter announced in May this year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Gentari, GIC Tie Up with Greenko Founders to Develop Green Ammonia Platform


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					</table><p><a href="https://tag-en.com/" target="_blank" rel="noopener">TagEnergy</a>, a global renewable developer and investor, has closed a dual currency (Australian Dollar and Euro) green bond raising €570 million (~$623 million).</p>
<p>The bond issuance, with investors Copenhagen Infrastructure Partners (<a href="https://cipartners.dk/" target="_blank" rel="noopener">CIP</a>) and <a href="https://www.gic.com.sg/" target="_blank" rel="noopener">GIC</a>, is expected to provide crucial support for expanding TagEnergy’s renewable energy portfolio across the UK, Europe, and Australia.</p>
<p>The initial tranche of €270 million (~$295 million) will contribute to the funding of the first stage of the 1.3 GW Golden Plains Wind Farm. This wind farm will be complemented by an additional tranche of up to €300 million (~$328 million), supporting the company&#8217;s other global renewable assets.</p>
<p>The green bond notes are central to TagEnergy&#8217;s strategy to bring more than 4 GW of onshore wind and other renewable energy projects to commercial operation across various Organisation for Economic Co-operation and Development jurisdictions.</p>
<p>The registration of the notes at Interbolsa represents a significant issuance in the Portuguese bond market. The independent certification agency G-Advisory has confirmed that the green bond aligns with the ICMA Green Bond Principles 2021, ensuring its adherence to sustainable investment practices.</p>
<p>CEO Franck Woitiez expressed his enthusiasm for the green bond, emphasizing its instrumental role in swiftly advancing TagEnergy&#8217;s current pipeline of renewable energy projects. The company aims to contribute to global efforts to achieve net-zero carbon emissions at an accelerated pace.</p>
<p>“We are proud to partner up with the strong management team of TagEnergy and GIC to support the development of the Golden Plains Wind Farm in Australia and TagEnergy’s prominent pipeline of renewable energy projects. Our Green Credit Fund I provides an important and necessary funding component of the global energy transition, and this investment represents an attractive opportunity for us to make a meaningful contribution to the green transition,” said Jakob Groot, Partner at CIP.</p>
<p>The company has recently achieved financial close on several notable renewable energy projects, including the 756 MW first stage of the Golden Plains Wind Farm in Victoria, Australia, and four battery energy storage systems facilities totaling 169 MW across the UK.</p>
<p>Earlier this year, CIP, on behalf of its New Markets Fund I, <a href="https://www.mercomindia.com/copenhagen-viviid-develop-renewable-projects-india" target="_blank" rel="noopener">entered</a> into a partnership with Viviid Renewables to develop more than 1.8 GW of greenfield renewable energy projects in India.</p>
<p>Last October, CIP <a href="https://mercomindia.com/daily-news-wrap-jakson-develop-224-million-green-hydrogen-rajasthan/" target="_blank" rel="noopener">entered</a> into a partnership with Ørsted to develop around 5.2 GW of offshore wind in Denmark across four projects.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Renewables Developer TagEnergy Raises $623 Million via Dual Currency Green Bond


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					</table><p>Renewable energy company <a href="https://greenkogroup.com/" target="_blank" rel="noopener">Greenko Group</a> announced the signing of definitive agreements for a primary equity raising of US$ 700 million from affiliates of Singapore’s sovereign wealth fund <a href="https://www.gic.com.sg/" target="_blank" rel="noopener">GIC</a>, <a href="https://www.orix.co.jp/grp/en/" target="_blank" rel="noopener">ORIX Corporation</a>, and a wholly owned subsidiary of the <a href="https://www.adia.ae/" target="_blank" rel="noopener">Abu Dhabi Investment Authority</a>.</p>
<p>Greenko said that it would use the funds raised to accelerate its decarbonization efforts through the supply of carbon-free energy.</p>
<p>The company will use the $700 million investment towards the capital expenditure of pumped storage projects which will have a storage capacity of more than 25 GWh, enabling 45 billion units of dispatchable carbon-free energy.</p>
<p>Through its pumped storage projects, Greenko aims to deliver the lowest cost energy storage at scale targeting approximately 50 GWh by 2025.</p>
<p>CEO and Managing Director at Greenko Anil Kumar Chalamalasetty said, “Carbon-free energy is helping accelerate industrial decarbonization, enhancing the green quotient of the Indian grid and developing of green molecules and chemicals at a competitive cost. This equity commitment from the existing shareholders reinforces their trust in our vision. Greenko is leading India’s energy transition through the implementation of large-scale and long-term solutions, and it continues to deliver long-term value to all our stakeholders.”</p>
<p>Chief Investment Officer of Infrastructure at GIC Ang Eng Seng 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.”</p>
<p>In January this year, Greenko <u><a href="https://mercomindia.com/greenko-%e2%82%b9100-billion-pumped-hydro-storage-madhya-pradesh/" target="_blank" rel="noopener">announced</a></u> an investment of ₹100 billion (~$1.2 billion) in setting up a pumped storage project in the Neemuch district of Madhya Pradesh. The daily storage capacity of the project would be 11 GWh, the company said.</p>
<p>Last month, Greenko ZeroC, the green molecule production arm of the Greenko group, and Uniper, a Germany-based energy company <a href="https://mercomindia.com/greenko-export-green-ammonia-uniper/" target="_blank" rel="noopener">started</a> negotiations for the offtake of 250,000 tons per annum of green ammonia to the European Union.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Greenko Raises $700 Million from GIC, Orix for Pumped Storage Projects

<p>General Insurance Corporation (GIC) and Abu Dhabi Investment Authority (ADIA) have signed an agreement to invest $495 million as primary equity in Greenko Energy Holdings (Greenko), a renewable energy project developer.</p>
<p>The investment will fund Greenko’s objective to provide round-the-clock renewable power by installing two 1.2 GW storage projects in Pinnarpuram and Saundatti, located in the states of Andhra Pradesh and Karnataka, respectively.</p>
<p>The date of conclusion for the projects is estimated to be 2022, with a capital outlay of $2 billion.</p>
<p>Greenko’s focus on establishing an efficient energy platform to generate round-the-clock (RTC) power is an attempt to create a reliable and schedulable power generation and eventually replace fossil fuels. The two new storage projects are a crucial move in this direction.</p>
<p>“Indian Energy Markets are transitioning from deficit markets to demand-driven contracts, requiring reliable, flexible, and cost competitive energy. Greenko is focusing in building integrated renewable energy assets with storage to address these markets by competing with conventional energy assets like thermal in quality, quantity, and cost,” said Anil Chalamalasetty, the CEO of Greenko.</p>
<p>“Greenko, as a leader in the Indian renewable energy sector, is well-positioned to execute the integrated renewable energy projects,” said Mr. Ang Eng Seng, Chief Investment Officer (CIO) of Infrastructure at GIC. Its innovative use of hydro storage and renewable power will enable utilities to mitigate the intermittency issues of renewable power, facilitate the increased penetration of renewable power and reduce the country’s reliance on conventional thermal power over time. As a long-term investor, we are very pleased to be supporting Greenko’s next phase of growth, which will enhance clean energy offerings and benefit communities in India in the long run,” he stated.</p>
<p>GIC will retain its position as the main shareholder in Greenko. Greenko’s primary installations are in the wind, solar and hydro with a combined capacity of 4.2 GW. This combined with the new storage projects and a 24/7 renewable power strategy is propelling their vision to completely steer away from fossil fuels.</p>
<p>A year ago, Greenko raised primary equity of <a href="https://mercomindia.com/greenko-raises-447-million-equity/" target="_blank" rel="noopener noreferrer">$447 million</a> from an affiliate of GIC and the ADIA.</p>
<p><a href="https://mercomindia.com/greenko-to-acquire-skeiron-assets-renewables/" target="_blank" rel="noopener noreferrer">Greenko Group</a> forged a definitive purchase agreement last year for the acquisition of Skeiron Green Renewables. This was preceded by the deal where Greenko acquired around 907 MW of operational solar and wind projects from <a href="https://mercomindia.com/greenko-acquires-orange-renewables/" target="_blank" rel="noopener noreferrer">Orange Renewables</a>.</p>
<p>India has <a href="https://mercomindia.com/india-energy-storage-projects-4-yrs-115-million/" target="_blank" rel="noopener noreferrer">minimal energy</a> storage projects in its renewable mix. To fill this gap and catch up with market changes, India is working on a National Energy Storage Mission (NESM) which will boost the energy infrastructure of the country.</p>
<p>Of late, the government seems to have acknowledged this dearth of storage manufacturing units in the country. Just a few <a href="https://mercomindia.com/mnre-invites-gravity-storage-project/" target="_blank" rel="noopener noreferrer">days ago</a>, the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener noreferrer">MNRE</a>) issued invitations requesting proposals to develop gravity storage projects and also to utilize solar to produce hydrogen from seawater. The ministry believes that with the increasing share of renewables in the country, there will soon be a requirement for energy storage to absorb fluctuations and for grid balancing.</p>
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<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ramya/" class="vcard author" rel="author"><span class="fn">Ramya Ranganath</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Ramya1.png" width="92" height="94" data-default="https://mercomindia.com/wp-content/plugins/simple-author-box/assets/img/default.png" /></p>
<p>Ramya Ranganath is an Associate Editor and Writer for Mercom Communications India. Before joining Mercom, Ramya worked as a Senior Editor at a digital media supply chain solutions company. Throughout her career, she has developed end-to-end content for various companies in a wide range of domains, including renewables. Ramya holds a bachelor’s degree in Mechanical Engineering from M.S. Ramaiah Institute of Technology and is passionate about environmental issues and permaculture.</p>
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Greenko Raises $495 Million to Invest in 2.4 GW of Energy Storage Projects

<p>Greenko Energy Holdings, a renewable energy project developer, has signed a definitive agreement for raising primary equity of $447 million from an affiliate of GIC and a wholly owned entity by the Abu Dhabi Investment Authority (ADIA).</p>
<p>In the agreement, GIC will invest $316.1 million and the ADIA entity will invest the remaining $79.3 million while Greenko Ventures will invest $52 million. After this investment round, GIC will continue to maintain its majority stake in the company.</p>
<p><a href="https://mercomindia.com/greenko-acquires-orange-renewables/" target="_blank" rel="noopener">Earlier, Greenko </a>announced another definitive purchase agreement under which Greenko will acquire Orange Renewables Singapore for a total enterprise value of approximately $922 million. The acquisition includes 907 MW of solar and wind assets and pipeline assets of over 500 MW.</p>
<p>According to the company’s release, Greenko has achieved 3 GW of operational renewable portfolio and over 7 GW of capacity under construction.</p>
<p><a href="https://mercomindia.com/greenko-raises-155-million-equity-funding/" target="_blank" rel="noopener">In a similar deal in 2017</a>, Greenko raised $155 million in equity funding. The company signed definitive agreements with an affiliate of GIC and an entity that is wholly-owned subsidiary of ADIA to raise the funds.</p>
<p><a href="https://mercomindia.com/greenko-raises-sale-bonds/" target="_blank" rel="noopener">Later</a>, it also raised ₹30 billion through the sale of onshore rupee-denominated bonds. The bonds will mature in 2027. The bonds have a call option after five years and will pay interest semi-annually.</p>
<p>In 2016, Greenko raised $230 million in capital from Abu Dhabi Investment Authority and GIC.</p>
<p>According to the latest report released by Mercom India Research – <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-report/" target="_blank" rel="noopener">India Solar Market Leaderboard 2017</a>, Greenko emerged as the <a href="https://mercomindia.com/greenko-adani-top-developers-2017/" target="_blank" rel="noopener">top project developer</a> in 2017.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nitin/" class="vcard author" rel="author"><span class="fn">Nitin Kabeer</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.com/wp-content/uploads/2018/04/nitin-2.png" alt="" width="99" height="105" /><span style="font-family: Calibri"><span style="color: #000000"><span>Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism &amp; Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. <a href="https://mercomindia.com/author/nitin/">More articles from Nitin Kabeer</a></span></span></span></p>
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Greenko to Raise $447 Million in Equity Funding

<p>Greenko Energy Holdings (Greenko), a renewable energy company, raised $155 million (~Rs.10.14 billion) in equity funding. The company signed definitive agreements with an affiliate of GIC and an entity that is wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) to raise the funds.</p>
<p>The GIC is investing $123.9 million (~Rs.8.10 billion) and the ADIA subsidiary the remaining $31.1 million (~Rs.2.03 billion), according to <a href="http://infopub.sgx.com/FileOpen/Greenko%20Press%20Release.ashx?App=Announcement&amp;FileID=444719" target="_blank" rel="noopener noreferrer">Greenko</a>. The funds will be utilized to construct new renewable energy projects, including recently acquired solar projects and low-risk expansion of existing wind projects.</p>
<p>Mercom <a href="https://mercomindia.com/greenko-completes-sunedison-india-acquisition/" target="_blank" rel="noopener noreferrer">previously reported</a>, that Greenko completed the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of $42 million (~Rs.2.75 billion) and assumption of project-level debt of $350 million (~Rs.22.9 billion) (at an average interest rate of 11.3 percent).</p>
<p>Prior to the acquisition of SunEdison India, Greenko raised $230 million in capital from Abu Dhabi Investment Authority and GIC in June of 2016. Later in October, the company sold a majority stake to GIC for $213.3 million (~Rs.13.95 billion).</p>
<p>According to Mercom’s <em>India Solar Project Tracker</em>, Greenko has 304 MW of commissioned solar projects and 1,135 MW of solar projects under development.</p>
<p>Image Credit: Milad Mosapoor (Own work) [Public domain], via Wikimedia Commons</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/wendyprabhu/" class="vcard author" rel="author"><span class="fn">Wendy Prabhu</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" width="50" /></p>
<p><strong style="text-decoration: underline">Wendy Prabhu,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/wendyprabhu/" target="_blank" rel="noopener">More articles from Wendy Prabhu.</a></p>
</div>
<div class="authorboxn">
<img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" alt="Wendy Prabhu" />Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications.  <a href="https://mercomindia.com/author/wendyprabhu/">More articles from Wendy</a><a href="https://mercomindia.com/author/wprabhu/"> Prabhu.</a></div>
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