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Greenko Group founder Mahesh Kolli said Greenko Group has agreed to buy its renewable energy platform Orange Renewable
in India from Singapore's AT Capital Group for $1 billion.
Mahesh Kolli said Greenko, backed by sovereign wealth fund GIC Holdings Pte Ltd and the Abu Dhabi Investment Authority, would pay out about $300 million in equity
.
Once the transaction closes, Greenko's total renewable energy operating capacity will increase by 1 gigawatt (GW) to 4.
2 GW, which is second
in India after ReNew Power Ventures Pvt.
In addition, the company has 600 megawatts (MW) of clean energy projects
under construction.
Kolli said in an interview: "The acquisition of Orange will immediately add value to Greenko
.
”
Orange Renewable, a subsidiary of AT Holdings Pte Ltd, is one of
India's largest renewable energy platforms.
In 2016, Greenko acquired SunEdison's Indian assets, including debt,
for an enterprise value of $392 million.
Another big deal in India's renewable energy sector included Tata Energy Ltd's acquisition of Welspun Energy Ltd's entire 1.
1 GW renewable energy portfolio
in June 2016 for US$1.
4 billion.
Orange Renewable's assets have a number of bidders, including ReNew Power
, India's largest renewable energy company.
The talks collapsed
due to valuation discrepancies between ReNew Power and AT Capital.
Greenko Group founder Mahesh Kolli said Greenko Group has agreed to buy its renewable energy platform Orange Renewable
in India from Singapore's AT Capital Group for $1 billion.
Mahesh Kolli said Greenko, backed by sovereign wealth fund GIC Holdings Pte Ltd and the Abu Dhabi Investment Authority, would pay out about $300 million in equity
.
Once the transaction closes, Greenko's total renewable energy operating capacity will increase by 1 gigawatt (GW) to 4.
2 GW, which is second
in India after ReNew Power Ventures Pvt.
In addition, the company has 600 megawatts (MW) of clean energy projects
under construction.
Kolli said in an interview: "The acquisition of Orange will immediately add value to Greenko
.
”
Orange Renewable, a subsidiary of AT Holdings Pte Ltd, is one of
India's largest renewable energy platforms.
In 2016, Greenko acquired SunEdison's Indian assets, including debt,
for an enterprise value of $392 million.
Another big deal in India's renewable energy sector included Tata Energy Ltd's acquisition of Welspun Energy Ltd's entire 1.
1 GW renewable energy portfolio
in June 2016 for US$1.
4 billion.
Orange Renewable's assets have a number of bidders, including ReNew Power
, India's largest renewable energy company.
The talks collapsed
due to valuation discrepancies between ReNew Power and AT Capital.
