Greenko raises $495 million to invest in 2.4 GW of energy storage projects

The General Insurance Corporation and Abu Dhabi Investment Authority have signed an agreement to invest $495 million as primary equity in Greenko Energy Holdings (Greenko). The investment will fund Greenko’s objective of providing round-the-clock renewable power by installing two 1.2 GW of storage projects in Pinnarpuram and Saundatti, located in the states of Andhra Pradesh and Karnataka, respectively. The projects are expected to be commissioned by 2022 at a capital outlay of $2 billion.

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