Standard Chartered Plc (STAN) has agreed to its first clean-energy investment in India by providing $70 million to Greenko Group Plc (GKO) to help develop as much as 1,000 megawatts of wind and hydropower projects.
The announcement made in a filing to the London Stock Exchange today follows a $50 million investment by GE Energy Financial Services in October.
Standard Chartered’s investment includes a portion of convertible debt that may be exchanged for Greenko shares and also entitles the bank to participate in the initial public offering of any of Greenko’s units, the statement said.
To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at firstname.lastname@example.org.
To contact the editor responsible for this story: Reed Landberg at email@example.com.