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EIG to Invest $125 Million in Greenko for India Renewable

EIG to Invest $125 Million in Greenko for India Renewable

EIG Global Energy Partners LLC will invest $125 million in India’s Greenko Group Plc (GKO) to help develop wind and hydropower projects in the country. The funds from the $16 billion Washington-based investment firm will be used to refinance a $70 million loan from Standard Chartered Plc (STAN) due in January, according to an e-mailed statement from Hyderabad-based Greenko.

The investment, along with $550 million raised in a July bond sale, will allow Greenko to reduce borrowing costs as it targets reaching 1,000 megawatts of installed clean-energy capacity in India next year, according to the statement. Greenko had 661 megawatts in operation at the end of March, according to its latest annual report. read more →

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