GIC and Abu Dhabi Investment to invest $495m in Greenko Energy.

GIC and Abu Dhabi Investment Authority have agreed to invest $495m in Greenko Energy, one of the largest funding rounds by an Indian clean energy producer. Greenko continues to scale up on its innovation and digitization efforts in the power sector – working towards transforming renewable energy to reliable, schedulable and flexible energy through forecasting and digitization, building an intelligent energy utility platform as round-the-clock flexible renewable power is expected to replace fossil fuels. Greenko’s investment in Storage Projects is the first step towards this direction and expected to deliver over 15bn units of schedulable power generation. “Its innovative use of hydro storage and renewable power will enable utilities to mitigate the intermittency issues of renewable power, facilitate the increased penetration of renewable power and reduce the country’s reliance on conventional thermal power over time. As a long-term investor, we are very pleased to be supporting Greenko’s next phase of growth, which will enhance clean energy offerings and benefit communities in India in the long run.” Ang Eng Seng, GIC Chief Investment Officer of Infrastructure.