GIC and Abu Dhabi Investment Authority Invests USD155 Million in Greenko Energy
Greenko Energy Holdings, a renewable energy company
announced raising USD155 million from existing investors, Abu Dhabi Investment
Authority (ADIA) and Singapore’s sovereign wealth fund, GIC.
India: In one of the largest
fund raising exercise in the renewable energy sector, Greenko Energy will use
the proceeds from fund raising to grow its clean energy portfolio from existing
2 GW (Giga Watts) to 3GW. The company is raising funds to propel growth in its
renewable energy portfoilio. This funding is in complement to last year’s
funding where it raised USD230 million from ADIA and an affiliate of GIC
Singapore at a valuation of USD1 billion. The company plans to develop new
renewable projects including the newly acquired solar projects.
TechSci
Research depicts that the constantly improving solar equipment technologies,
advanced manufacturing processes for production of hi-tech equipment and
anticipated decline in equipment prices is projected to further drive the solar
equipment market in India over the next five years. Furthermore, the launch of
Jawaharlal Nehru National Solar Mission by Government of India in 2010 has been
a major initiative taken to promote sustainable development of the solar energy
sector in the country. These positive developments happening in Indian solar
power sector are expected to positively influence solar equipment market in
India during the forecast period.
According
to released report of TechSci
Research “India Solar Power Equipment Market Forecast & Opportunities,
2020”, the
solar power equipment market in India is projected to surpass USD4 billion by
2020, wherein solar energy would be generated by employing photovoltaic (PV)
and concentrated solar power (CSP) technologies across the country. Constantly
improving solar equipment technologies, advanced manufacturing processes for
production of hi-tech equipment and anticipated decline in equipment prices is
projected to further drive the solar equipment market over the next five years