Abu Dhabi Investment Authority owns 15 percent of the company
Abu Dhabi Investment Authority-backed Greenko Energy Holdings raised $950 million Monday in one of the largest overseas green bonds raised by an Indian clean energy producer, according to media reports.
“We successfully raised the bond for $950 million with over three times oversubscribed by global investors,” Greenko Group president and joint managing director Mahesh Kolli told India’s Mint news outlet.
“This is the largest high yield bond from India this year and largest green bond from Asia,” he added.
In June, ADIA and Singapore sovereign wealth fund GIC Holdings Pte. Ltd invested $945 million to build power storage projects. The two have so far infused a total of $2.2 billion in the firm.
ADIA owns 15 percent of the company, compared to GIC’s 63 percent.
According to India media reports, India’s Green economy will require additional investments of $80 billion by 2022, a number which is expected to grow to $250 billion by 2030.
In June, Energy industry analysts said that the back-to-back investment deals by ADIA showed that it may be betting big on India’s renewable energy sector, particularly against the backdrop of the newly re-elected government of Narendra modi’s call for uninterrupted and reliable power supplies to Indian households.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.