Greenko secures $700 million in equity for pumped storage projects

Greenko Energy Holdings announced signing of official contracts for a primary equity raising of $700 million from its current shareholders. It received the funding from its founders, the GIC sovereign wealth fund of Singapore, Abu Dhabi Investment Authority, and Orix Corporation of Japan.

According to the company, the money will be used to cover the capital expenditures for pumped storage projects, each of which will be able to store more than 25 GWh, or 45 billion units, of dispatchable carbon-free energy. The most affordable long-term energy storage option available today is pumped storage, which has a 100-year life.

Recently, in February 2023, Greenko ZeroC, Greenko’s green molecule production arm and Uniper signed a Memorandum of Understanding (MoU) and Heads of Terms for Uniper to enter into exclusive negotiations for the offtake of green ammonia from Greenko’s phase-1 ammonia production facility in Kakinada, Andhra Pradesh. Based on the Heads of Terms, Greenko and Uniper intend to negotiate an innovative pricing, supply, and tenure structure for a supply and purchase agreement for 250,000 tonnes per annum of green ammonia.

In the same month, Greenko Group signed an agreement to purchase 28 units of 5 MW alkaline electrolysers from Belgium-based John Cockerill for developing a green ammonia plant in Una, Himachal Pradesh. Greenko’s order expands on the company’s existing collaboration with John Cockerill, which includes the joint development of a 2 GW per year electrolyser manufacturing plant in Kakinada, Andhra Pradesh.