Greenko inks pact to raise $700million from its founders, GIC units, Orix

Greenko Energy Holdings has signed definitive agreements to raise $700 million in equity from the affiliates of Singapore’s GIC, a wholly owned subsidiary of the Abu Dhabi Investment Authority, Orix Corp, and its founders. The proceeds from the issue of new shares will be used for funding energy transition and decarbonisation efforts through the supply of carbon-free energy (CFE). The $700 million investment will be used towards capital expenditure for pumped storage projects, which will have a storage capacity of more than 25 GWh, enabling 45 billion units of despatchable CFE. There will be no change in Greenko’s shareholding structure after this investment as the new shares issued are proportional to the existing ownership of the investors.