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India

India

Greenko to acquire developer Orange

INDIA: Independent power producer (IPP) Greenko has raised $447 million in equity funding to part-fund the acquisition of fellow developer Orange Renewables Singapore.

Greenko are set to take over Orange Renewable
Greenko are set to take over Orange Renewable

The $922 million transaction includes a 907MW portfolio of operating wind and solar assets, with a further 500MW in the pipeline, Greenko said.

The IPP is backed by sovereign wealth funds GIC and the Abu Dhabi Investment Authority. Greenko claims it has roughly 3GW of operating wind, solar and hydro capacity in its portfolio, including almost 1.2GW of wind capacity.

It also has a further 7GW in the pipeline making it one of the largest renewable energy players in India, according to the company.

"The deal is accretive to Greenko’s Ebitda upon closing, approximately $130 million accretive in the first full year after close, with additional accretion and growth anticipated thereafter," Greenko said in a 4 June statement.

Greenko CEO Anil Calamalasetty added: "Indian energy markets are transitioning from deficit markets to demand driven contracts requiring reliable, flexible and cost competitive energy.

"Greenko is focussing on building integrated renewable energy assets with storage to address these markets by competing with conventional energy assets like thermal in quality, quantity and cost."

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