Greenko Wind raises $750 million for an energy storage plant

Greenko Wind has raised $750 million for an energy storage plant in Andhra Pradesh through a global bond offering. Following the start of roadshows, the company was able to secure pricing of 5.50 per cent for its green bond offering. Greenko Wind Projects (Mauritius) or GWPML, an indirect subsidiary of Greenko Energy Holdings, raised the bonds, which were given a ‘BB’ rating by global rating agency Fitch Ratings. As per the statement, GWPML will invest in the SPV’s rupee-denominated debt and lend the revenues of the US dollar bonds to an Andhra Pradesh (AP) pumped-storage project SPV (special project vehicle) – Pinnapuram SPSP Company.

In March 2022, ArcelorMittal and the Greenko Group entered into a strategic partnership to construct a round-the-clock 975 MW nominal solar and wind project. The project entails an investment of $600 million. It is expected to be commissioned by mid-2024. The project will be supported by Greenko’s hydro pumped storage project to overcome the intermittent nature of wind and solar power generation. It will be owned and funded by ArcelorMittal. Greenko is also responsible for designing, constructing and operating the renewable energy facilities, which will be based in Andhra Pradesh. The transmission will be through Power Grid Corporation of India. 

Prior to this, Greenko Group and Ayana Renewable Power entered into an arrangement to provide standalone storage capacity in India. Under this partnership, the companies will collaborate to create robust and dispatchable renewable energy solutions for industrial and distribution companies in India, including a round-the-clock power supply of up to 1 GW. Greenko Group has offered 6,000 MWhr of storage capacity in total, with 1,500 MWhr in the first tranche originating from its ‘Off Stream Closed-Loop Pumped Storage Project’ in Pinnapuram, Andhra Pradesh. 



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