Shareholders of Indian wind and hydro developer Greenko have supported plans for a £100m ($151m) equity investment from the Singaporean government.
The company held a special shareholder meeting where investors voted yes to the investment proposal by the Government of Singapore Investment Corporation (GIC).
AIM-listed Greenko has previously said that the funds will be used to accelerate the construction of attractive power opportunities in India by deployment of utility scale wind farms and Himalayan run-of-river hydro projects.
Anil Chalamalasetty, CEO of Greenko, previously commented, ‘We are delighted by the overwhelming support from our shareholders at today’s special meeting and their recognition of the value we intend to create through GIC’s investment. This new equity will help continue our generating portfolio’s growth through the addition of larger, high quality wind and hydro projects. GIC is a highly-regarded infrastructure investor and its commitment shows great confidence in Greenko, as well as the Indian power market.’
NewNet previously reported that the initial investment from the GIC is equivalent to a minimum of 19.5 per cent of Greenko on a fully diluted basis.
The developer has added six new run-of-river hydro projects totalling 425MW to its active development pipeline; two projects having been added to the existing hydro cluster in Himachal Pradesh and four projects added to form a new regional cluster in Arunachal Pradesh.
Greenko’s existing hydro portfolio consists of three clusters, in Himachal Pradesh, Sikkim and Karnataka.
The Himachal projects consist of two cascading hydro projects in the Chamba District of Himachal Pradesh, near Greenko’s existing projects and are located on a tributary of the Ravi River.
This region is one of the few areas remaining in India where large run-of-river projects are feasible, due to the steep topography and high quality hydrology based on snow melt, glacier melt and rainfall, the company said in a statement.
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