Greenko to acquire 40 per cent stake in Teesta Urja’s hydro power project

The Greenko Group is planning to acquire a 40 per cent stake in Teesta Urja Limited’s (TUL) 1,200 MW hydropower project in north Sikkim. The transaction will increase Greenko’s operating renewable portfolio to 6.2 GW and give a much-needed exit to the project’s original financiers. Greenko will buy a 40 per cent stake in TUL for $200 million-$250 million from Singapore-based Asian Genco. The company has already applied to the Competition Commission of India for approvals. The Sikkim government owns the remaining 60 per cent stake in TUL.