Hyderabad-based Greenko Energy Holdings has raised $700 million in equity funding from founders and GIC, a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Japanese financial conglomerate ORIX Corporation.

In an official statement released late Thursday night, the company signed a definitive agreement for a $700 million major equity financing.

The company stated there is no change in the shareholding structure after this investment.

The company said the $700 million investment would be used for capital expenditures on pumped hydro projects with storage capacities over 25 GWh. This will enable 45 billion units of dispatchable “carbon-free energy” (CFE).

Greenko was founded in 2006 by Chalamalasetty and Mahesh Kolli, President and Joint Managing Director.

Greenko claims to be India’s first dispatchable renewable energy company. The company has recently expanded its offering beyond traditional green energy projects. It recently launched the country’s first integrated green energy storage project, providing energy storage solutions to large-capacity energy users in a unique model through its cloud platform.

It has also started constructing a 5.2 GW integrated renewable energy storage project in Andhra Pradesh. The project has 10GWh of energy storage, 3GW solar, and 0.5GW of wind. The project already has private investors such as ArcelorMittal and Ayana Renewable and is partnering with Solar Energy Corporation of India (SECI) to sell power to Bihar, Rajasthan and DVC, the company had earlier said.

Last month, Greenko became the lowest bidder for the country’s first green hydrogen production project at a refinery.