Government of Singapore Investment Corp to invest £100 mn in power firm Greenko

The Government of Singapore Investment Corp (GIC), one of the world’s leading sovereign wealth funds, has agreed to invest £100 million in AIMlisted renewable energy company Greenko Plc for a minority stake.This transaction, getting completed after a gap of over six months, will once again highlight the selective interests of global investors who are still willing to cherry pick bankable projects in an otherwise battered Indian power sector.Hyderabad-headquartered Greenko along with its global subsidiaries develops owns and operates a portfolio of clean energy assets across Indian states. GIC’s investment will fast-track the construction of its wind farms and run-of-river hydro projects in Himachal Pradesh.”The significant investment from GIC will take us beyond our 2015 operating capacity target of 1,000 MW and sets us up for our new target of approximately 2,000 MW in 2018. This shows great confidence in Greenko’s business model and its opportunity in the Indian power sector,” said the company’s chief executive Anil Chalamalasetty in a statement to the exchanges on Friday evening.

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