Greenko raises $495 million to invest in 2.4 GW of energy storage projects

The General Insurance Corporation (GIC) and the Abu Dhabi Investment Authority (ADIA) have signed an agreement to invest $495 million as primary equity in Greenko Energy Holdings, a renewable energy project developer. 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 Andhra Pradesh and Karnataka respectively. The date of completion for the projects, which will have a capital outlay of $2 billion, is estimated to be 2022. GIC will retain its position as the main shareholder in Greenko.