Renewable Energy News in India
Japan's Orix to grow renewables business in India with Greenko investment
September 11 (Renewables Now) - Japanese financial services group Orix Corporation (TYO:8591) has sealed a framework agreement that will lead to it buying a stake of more than 20% in Indian renewables company Greenko Energy Holdings for about USD 980 million (EUR 827m).
The deal outlines a transaction in which Orix will buy both new shares and already issued stock from Greenko’s founders’ group, which currently has a 17.7% stake in the business. The other existing shareholders are Singapore’s Government Investment Company (GIC) with 65.8% and the Abu Dhabi Investment Authority (ADIA) with 16.5%.
Subject to signing definitive agreements, Orix will also integrate its entire wind power generation business in India into Greenko. This includes the Japanese conglomerate’s entire shareholding in seven special purpose vehicles (SPVs) holding 873 MW of wind power capacity in seven Indian states, plus an asset management firm.
Orix hopes to complete the transaction, pending investment committee approval, by the end of the year.
Greenko has some 4.4 GW of operating renewable energy capacity in India, including solar, wind and hydropower assets, and is currently building or developing more facilities with a combined capacity surpassing 8 GW. The company has long-term power purchase agreements (PPA) with state-run agencies and power companies, as well as other entities.
(USD 1.0 = EUR 0.844)
News Date: 11-Sep-2020
News Source: https://renewablesnow.com/news/japans-orix-to-grow-renewables-business-in-india-with-greenko-investment-713245/
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