The development of geothermal energy in India is witnessing a significant policy boost under the National Policy on Geothermal Energy

 The development of geothermal energy in India is witnessing a significant policy boost under the National Policy on Geothermal Energy. While the Greenko Group is globally recognized for its massive wind, solar, and pumped hydro storage assets, it has shown expanding strategic interests in exploring newer energy frontiers like geothermal. [1, 2, 3, 4]

Funding for geothermal pilot projects in India typically comes from specialized clean energy-focused public funds, multilateral bodies, international technology partnerships, and Greenko’s existing core institutional backers. [1, 2, 3]

National (Indian) Funders & Institutional Backers

• Ministry of New and Renewable Energy (MNRE): The primary national funding source under the Renewable Energy Research and Technology Development Programme (RE-RTD). MNRE actively funds 100% or partially-backed pilot initiatives, such as the recently sanctioned solar-geothermal hybrid pilots and abandoned oil well conversions. [1, 2, 3, 4]
• National Bank for Financing Infrastructure and Development (NaBFID): A specialized national development finance institution that provides long-tenor project financing to large scale renewable firms. NaBFID recently infused ₹4,800 crore into Greenko to optimize capital structure, making it a critical local lender for high-upfront-cost pilot deployments. [1, 2]
• Viability Gap Funding (VGF) Scheme: Administered by the Central Government, this upcoming framework is tailored to support geothermal projects. It explicitly targets minimizing exploration risks and mitigating high initial infrastructure costs (~₹36 crore per MW) for early-stage commercial developers. [1]

International Multilateral & Sovereign Funders

• GIC Private Limited (Singapore Sovereign Wealth Fund): As the 58% majority stakeholder in Greenko, GIC provides massive strategic equity injects. GIC routinely commits to funding 25% of any upcoming capital expenditure (capex) or experimental infrastructure platforms undertaken by Greenko.
• Abu Dhabi Investment Authority (ADIA): Another prominent long-term sovereign backer of Greenko. ADIA co-invests alongside GIC to fuel Greenko's clean-tech diversification into energy transitions.
• International Climate Initiative (IKI) & GIZ (Germany): Germany’s bilateral development corporation agency, GIZ, operates heavily in India to fund and structurally oversee progressive tech pilots under the Indo-German programme on Sustainable & Inclusive Energy Transition.
• Private Credit & Direct Lending Hotspots: High-profile global institutional firms including BlackRock Inc., Ares Management Corp., Nomura Holdings, and ORIX Growth Capital actively extend private credit facilities to Greenko’s green energy verticals (such as AM Green Power), rendering them primary channels for project financing. [1, 2, 3, 4, 5, 6, 7]

International Technology & Grant Partners

The Indian government leverages strategic international tie-ups where grant funding, technical evaluation, and capital equipment mapping are integrated: [1, 2]

• Iceland GeoSurvey (ÍSOR) & Icelandic Bilateral Funds: Iceland actively eyes deployment sites in regions like Uttarakhand to co-fund and provide deep-well exploration expertise. [1, 2]
• Norway & United States Energy Partnerships: Ongoing clean energy trade agreements function as key technical and financial catalysts to unlock India's estimated 10 GW geothermal potential