TPG Growth, the growth equity investment platform of private equity firm TPG, has invested £21 million (€24.3 million; $34 million) for a 12.5 percent stake in Hyderabad-based Greenko, an independent power producer focused on the generation of renewable energy.
It is the firm’s first significant investment in India’s clean energy sector, Greenko said in a statement.
The investment is part of a larger, £72 million share placement Greenko has completed with investors including Arden Partners and Mirabaud Securities. Roughly 51 million new ordinary shares were sold at 140 pence a share, a discount of about 1.4 percent to the closing middle market price of 142 pence on Monday. The deal is subject to shareholder approval.
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In November 2009, Greenko received a $46.3 million investment from Global Environment Fund, a US-headquartered environment- and cleantech-focused investment firm. London- and Paris-based Aloe Private Equity is also an investor in Greenko and currently has a 31.35 percent stake in the company.
TPG Growth manages capital worth more than $2.5 billion and is focused on investments in technology, life sciences, biotechnology, renewable energy and retail companies. It makes venture capital, growth equity, leveraged buyout and PIPE investments ranging from $20 million to $150 million globally.
Arden Partners is a UK-based stockbroker providing a range of financial services to corporates and institutional clients. Mirabaud Securities, part of Swiss banking house Mirabaud Group, is also a London-based stockbroker.