HYDERABAD • Greenko Energy, the green power developer backed by sovereign wealth funds, including GIC, expects to double its capacity in India by 2019 with the help of assets acquired during SunEdison's bankruptcy.
Generation capacity should rise to about 5GW in the next two years as new projects come online and Greenko integrates 1.5GW of SunEdison assets into its portfolio, said founder Mahesh Kolli.
"Obviously when SunEdison projects got added, everything got accelerated," he said.
Greenko is among the firms benefiting from India's ambition of raising renewable energy capacity to 175MW by 2022 from 50GW now. To help finance a faster expansion, Greenko's two main shareholders - GIC and the Abu Dhabi Investment Authority (ADIA) - have pumped US$155 million (S$216 million) of fresh equity into Greenko, according to a separate statement on Monday.
GIC invested US$123.9 million and ADIA will put in the remaining US$31.1 million.
"GIC has increased its stake from 61 per cent to 63 per cent, and it's more like a rights issue because both the shareholders participated," said Mr Kolli, who holds 21 per cent along with co-founder and Greenko chief executive officer Anil Kumar Chalamalasetty. ADIA owns 15 per cent, he said.
"Cash equity invested in the business is more than US$1 billion after this round of funding," Mr Kolli said. Greenko has about US$2.5 billion debt on its US$4 billion balance sheet.
Last September, Greenko acquired SunEdison's portfolio of 1.5GW of clean energy capacity, of which 400MW were operational.
Of the 1,100MW in SunEdison's pipeline, 600MW will be finished by end-April.
The rest of Sun Edison's project pipeline will become operational by December, Mr Kolli said.