Greenko has 7.5 gigawatts of net installed capacity for wind, solar and hydro power across 15 states in India. | Representative photo: Bloomberg
GIC Pte is considering options for its 50 percent stake in India’s Greenko Energy Holdings, including a possible sale that could be worth about $5 billion, people familiar with the matter said.
Singapore’s sovereign wealth fund is in initial talks with financial advisers to help evaluate a full or partial sale of its stake in Greenko, the people said, asking not to be identified because the matter is private. A deal could value the renewable energy company at about $10 billion, they said.
Potential investors include infrastructure-focused funds, sovereign wealth funds and other energy companies, the people said. The considerations are preliminary and GIC could decide not to proceed with the sale, the people said.
Greenko, which has other backers including the Abu Dhabi Investment Authority, known as ADIA, and Japanese financial group Orix Corp., could also look to raise money in coming months to support growth, another person said.
A GIC representative declined to comment. When asked about GIC’s plans, Greenko said the information was incorrect, without elaborating.
Greenko has 7.5 gigawatts of net installed capacity for wind, solar and hydro power across 15 states in India. Last year it raised $700 million from GIC, ADIA, Orix and the company’s founders to invest in pumped storage projects.
First publication: Oct 8, 2024 | 7:22 pm IST