Source: Business Wire
Wednesday, November 25, 2009 10:32 AM IST (05:02 AM GMT)
Editors: General: Consumer interest, Environment; Business: Advertising, PR & marketing, Banking & financial services, Business services, Energy companies, Financial Analyst
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(BW)(MD-GLOBAL-ENVIRONMENT)Private Equity Firm Global Environment Fund Announces Investment in Indian Independent Power Producer Greenko PLC
Chevy Chase, Maryland, United States, Wednesday, November 25, 2009 -- (Business Wire India) --
Private equity firm Global Environment Fund (GEF) announced the completion of an investment of $46.3 million in Greenko PLC, which is based in Hyderabad, India. Greenko is one of India's largest independent power producers focused exclusively on renewable energy generation through the development, acquisition, construction, and operation of run-of-river hydro and biomass-fired plants. GEF is the only non-public investor and holds two seats on the Board of Directors of the company's Mauritian subsidiary.
Since its formation in 2006, Greenko has sought to be a premier clean energy player in India, with a diverse portfolio of scaled renewable energy assets. GEF's investment will accelerate the company's growth objectives as it addresses the massive shortfalls in power supply needs in India in the coming years.
Anil Chalamalasetty, Chief Executive of Greenko, said, "We are delighted to receive funding from Global Environment Fund which shows confidence in Greenko's business model and its long-term ambition to be a leading clean energy player in the fast growing Indian economy and energy markets. We believe GEF's experience in investing in clean energy projects in other emerging economies will be a good value addition to the platform."
H. Jeffrey Leonard, President, Chief Executive Officer and Founding Partner of GEF, commented, "GEF is pleased to enter into a long-term partnership with Greenko, a leading and scaled renewable energy platform in India with a robust pipeline of expansion opportunities. Consistent with GEF's investment strategy, Greenko represents a proven management team that should help meet India's need for sustainable sources of power in the future."
About Greenko
Greenko Group PLC is an AIM-listed, India-focused renewable energy generation company. Greenko currently has 101.5 megawatts (MW) of contracted capacity of clean energy assets, including six biomass and three hydro plants and 154 MW of concessions under development. The company is focused on developing a portfolio of biomass, hydro electric, and wind assets within India and intends to increase the installed capacity it operates through a combination of purchasing projects and winning concessions to develop new greenfield assets. www.greenkogroup.com.
About Global Environment Fund
Global Environment Fund is a Chevy Chase, Maryland-based private equity firm founded in 1990 investing in clean technology, energy efficiency, and timberland in emerging markets. The firm manages over US$1 billion in private equity investments for institutional investors, including university endowments, foundations, fund-of-funds, family offices, pension funds, and international finance institutions. GEF was recently selected as the winner of the Financial Times Sustainable Investor of the Year award. www.globalenvironmentfund.com.
CONTACT DETAILS
Global Environment Fund (GEF)
George McPherson, 240-482-8933
gmcpherson@globalenvironmentfund.com
KEYWORDS
CONSUMER, ENVIRONMENT, MARKETING, BANKING, BUSINESS SERVICES, ENERGY, Financial Analyst
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