Prospective investors include infrastructure-focused funds, sovereign wealth funds and other energy companies
GIC has been considering options for its 50 per cent stake in India’s Greenko Energy, including a possible sale that could be worth around US$5 billion, sources said.
The Singaporean sovereign wealth fund is in initial discussions with financial advisers to help evaluate a full or partial sale of its holding in Greenko, they added, asking not to be identified because the matter is private.
A deal could value the renewable energy company at about US$10 billion, the sources noted.
Prospective investors include infrastructure-focused funds, sovereign wealth funds and other energy companies. Considerations are preliminary and GIC may decide not to pursue a sale, they said.
Greenko, which has other backers including Abu Dhabi Investment Authority (ADIA) and Japanese financial group Orix, may also seek to raise funds in the coming months to help its growth, another source added.
A spokesperson for GIC declined to comment. Greenko said the information was incorrect when asked about the Singaporean sovereign wealth fund’s plans. It did not elaborate.
Greenko has 7.5 gigawatts of net installed capacity across wind, solar and hydropower in 15 states across India.
Last year, it raised US$700 million from GIC, ADIA, Orix and the company’s founders to invest in pumped storage projects. BLOOMBERG
