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TPG Growth cuts stake in clean energy producer Greenko Group

According to reports, TPG Growth, an arm of global private equity major TPG, has sold around a quarter of its stake in clean energy producer Greenko Group plc nearly four years after its initial investment. TPG Growth sold a little over 2 per cent stake over the last six months in London’s AIM-listed Greenko, reducing its holding to 5.96 per cent.

According to VCCircle estimate, the stake has been sold for $6 million to $8.5 million. A large chunk of the stake has been sold earlier this month as Greenko’s scrip reached over 170 pence per unit.

In January 2010, TPG Growth led a $116-million round of funding in Greenko Group plc. The PE firm will pick up a little over 10 per cent stake for around $35 million. TPG’s remaining stake is worth $26 million, according to Greenko’s current trading price.

Shares of Greenko were trading at 178.75 pence, up 2.14 per cent on Monday morning in London.

Greenko Group plc reported a 74.6 per cent increase in operational capacity from 244 MW in March 2013 to 426 MW by end of September 2013.

The company, backed by a slew a private equity funds, reported an 18 per cent increase in revenues to €27.9 million for the six-month period. On a constant currency basis, revenues grew by 32.4 per cent.

Adjusted EBITDA increased 49 per cent to €24.6 million, despite being affected by adverse currency movements and lower generation from biomass assets, said the company. Adjusted profit after tax increased 151 per cent to €10.5 million from €4.2 million during the same period in 2012.

Greenko Group plc raised $150 million or £100 million from GIC

Singapore, one of the world’s largest sovereign wealth funds, last year. Greenko, one of India’s largest independent power producers in the renewable energy space, raised money through its Mauritius arm.

Other investors in Greenko include Aloe Private Equity, Standard Chartered Private Equity, GE Energy Financial Services and Capital Group.

Greenko has a portfolio of wind, run-of-river hydropower, natural gas and biomass assets. The company is now focused on building new utility scale wind farms and hydropower projects across India. Greenko’s goal is to reach 1,000 MW of operational capacity in 2015 and approximately 2,000 MW in 2018.

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