Private equity firm Global Environment Fund has completed an investment of USD46.3m in Greenko, which is based in Hyderabad, India.
Greenko is one of India’s largest independent power producers focused exclusively on renewable energy generation through the development, acquisition, construction, and operation of run-of-river hydro and biomass-fired plants.
GEF is the only non-public investor and holds two seats on the board of directors of the company’s Mauritian subsidiary.
GEF’s investment will accelerate the company’s growth objectives as it addresses the massive shortfalls in power supply needs in India in the coming years.
Anil Chalamalasetty, chief executive of Greenko, says: “We are delighted to receive funding from Global Environment Fund which shows confidence in Greenko’s business model and its long-term ambition to be a leading clean energy player in the fast growing Indian economy and energy markets. We believe GEF’s experience in investing in clean energy projects in other emerging economies will be a good value addition to the platform.”
H. Jeffrey Leonard (pictured), president, chief executive officer and founding partner of GEF, adds: “GEF is pleased to enter into a long-term partnership with Greenko, a leading and scaled renewable energy platform in India with a robust pipeline of expansion opportunities. Consistent with GEF’s investment strategy, Greenko represents a proven management team that should help meet India’s need for sustainable sources of power in the future.”
