Greenko Energy Holdings aims to invest around $1 billion in a new battery storage business that also includes a plan to produce lithium-ion batteries in India for power grid-scale applications and electric vehicles (EV), said a person aware of the development.
The fresh capital for renewables 3.0 investment will be deployed by the Hyderabad-based company to acquire and develop lithium-ion battery technology, and for its manufacturing and application playbook. This comes against the backdrop of the single-largest foreign clean energy investment announcement in India made by Japan’s ORIX Corp. for $980 million in Greenko for a 17% stake.
Sovereign funds GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA)-backed Greenko’s pivot towards battery storage comes amid India readying its proposed ?18,000-crore production-linked incentive package for battery storage manufacturing, Mint had reported earlier.