Greenko to secure $125m for Indian clean energy projects

Indian clean energy firm Greenko Group will secure $125m in investment from US-based alternative investment firm EIG Global Energy Partners.

The investment will be employed in the development of wind and hydropower projects in India.

Greenko said that the funds will be used to refinance a $70m loan from Standard Chartered due in January 2015.

The investment is an addition to $550m raised in a July bond sale that will enable Greenko to reduce borrowing costs as it is aimed at generating 1000MW of renewable energy over the next one year.

According to Greenko, EIG’s investment will be made through a six-year instrument paying an annual cash coupon of five percent.

As of March, the company had an operational capacity of around 661MW.

Earlier in September, Greenko announced that its revenue grew 59.5% and adjusted EBITDA grew 90.5% in constant currency terms for the year 2014.

The company agreed to acquire 70MW Budhil hydro project in the country and commissioned 100MW of new wind assets.

Greenko’s power generation grew 21% to 1,072GWh from 886GWh that was generated in 2013.

Construction on the company’s 423MW of projects is currently underway, while 1,240MW of projects are in active development.

Greenko CEO and MD Anil Kumar Chalamalasetty previously said: "We have more than doubled our capacity to 661 MW this year to date, due to our structured development process which is focused on the predictable and profitable phased roll out of utility scale wind and hydro projects.

"As a result, we confidently expect to have well over 680 MW generating by the 2014 monsoon."