Greenko Energy Holdings, one of India’s leading renewable energy firms, said on Tuesday it has secured $230 million in total new funds from an entity owned by the Abu Dhabi Investment Authority (ADIA) and an affiliate of Singapore sovereign wealth fund GIC.
ADIA will invest $150 million, Greenko said in a statement. It also disclosed for the first time that GIC agreed to invest $80 million in the business in March.
The funds will contribute to the continued growth of Greenko’s business through the development of new renewable energy projects, it said, including expansion of existing wind farms.
GIC said that it remains Greenko’s majority shareholder, without disclosing the size of its holding.
“We believe in the long-term growth potential of Greenko and will continue to work with the management to develop the company to be the leading owner and operator of clean energy projects in India,” a GIC spokesman said.
Morgan Stanley was the sole advisor to Greenko on the deal.