OREANDA-NEWS. Greenko Mauritius's (Greenko) USD230m equity funding is positive for the renewable energy company's credit profile, says Fitch Ratings. However, it will not immediately change Fitch's assessment of bonds ('B') issued by Greenko Dutch B. V., which are part of the restricted group. Fitch currently does not rate Greenko.

Abu Dhabi Investment Authority (ADIA) is expected to invest USD150m and Greenko's parent, Singapore's sovereign wealth fund, GIC, invested USD80m in March 2016. Fitch believes GIC's association, coupled with ADIA, will improve Greenko's access to funding, including in the banking and capital markets.

The funding comes at a crucial time for Greenko, providing the company with much needed capital to carry out its plans to increase operating capacity in India to 3GW by 2018, from 1GW currently.

GIC acquired a majority stake in Greenko for GBP162.8m in October 2015 and will continue to be the majority shareholder. Fitch expects Greenko to remain important for GIC, allowing GIC to tap into renewable power generation opportunities in India.