Clean energy project developer Greenko raises £72m in share placement

28 January 2010

AIM-listed Indian clean energy project owner and operator, Greenko, has raised approximately £72m by way of a placing by Arden Partners and Mirabaud Securities of 51.429 million shares of €0.005 each in the capital of the company.

The company said the placing is being underwritten by Arden Partners other than in respect of the discounted placing shares totalling £21m placed with private equity firm TPG as a lead investor. Institutional and other investors are priced at 140 pence per share and the company said the placing is conditional on shareholder consent.

The company is also proposing resolutions to its shareholders to increase the authorised share capital of the company, to provide authority to the directors of the company, to allot the placing shares. Aloe Environment Fund and Aloe Environment Fund II, the original investors in Greenko, have indicated that they intend to vote in favour of the resolutions to be proposed at the general meeting in respect of their 31.35 shareholding in the company’s capital. Directors of the company have also indicated that they intend to vote in favour of the resolutions to be proposed in respect of their 12.39 per cent shareholding.

Vivek Tandon, non-executive director and co-founder of Aloe Private Equity said, ‘Greenko has gone from strength to strength over the years. The management continue to meet their commitments to investors and we believe that this additional capital raising will enable

Greenko to deliver accelerated growth and enhance shareholder value.’

The company said it expects the deal to close for the placing shares on 23 February 2010 and that the placing shares represent approximately 43.1 per cent of the enlarged issued ordinary share capital of the company.

As part of the placing arrangements, an affiliate of TPG Growth will be subscribing for placing shares, representing its first significant investment in clean energy in India. TPG Growth is the growth equity investment platform of global private investment firm TPG, which has approximately $45bn of assets under management and has extensive experience and investments in the energy, power and commodities sectors including Energy Future Holdings (formerly TXU), Valerus Compression Services, Texas Genco, Kraton Polymers and the Vita Group.

Anil Chalamalasetty, Greenko’s chief executive, said, ‘We are delighted with the support from many of our existing major investors and in particular from new institutional investors. The support of an investor of TPG’s calibre is a significant affirmation of Greenko`s position as a leading clean energy company within India. The proceeds from the Placing will help fund Greenko to reach its near term strategic objectives.’

Greenko was founded in 2006 to develop, own and operate independent clean energy projects in the high-growth markets of Asia. In addition to Clean Energy Generation, the company provides services to projects which capitalise on the compliance market around the Kyoto Protocol clean development mechanism (CDM), as well as voluntary trading.

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Tags: clean energy

This story was published on Thursday, January 28th, 2010 at 2:10 pm and is filed under Asia, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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