Greenko Has Finally Acquired Orange Renewable

In Clean News, News, Renewable Energy

The money changed hands this weekend, marking the closure of the Orange deal, Greenko Group has finally acquired Orange Renewable from Singapore’s AT Capital Group for an enterprise value of $850 million, ending weeks of intermittent negotiations.

Greenko is also in final negotiations to buy a 385 MW wind energy platform, Skeiron Renewable Energy Pvt, a private company held by Suzlon founder Tulsi Tanti and his family, for $528 million.

If they do go ahead, the two transactions for a cumulative $1.4 billion will add an incremental 1.13 GW of wind and solar assets to Greenko’s 3.2 GW operational portfolio. Another 500 MW is expected to get added by March 2019, thereby taking the portfolio close to 5 GW.

The Orange transaction faced headwinds and technical challenges after concerns were raised about its holding company being regarded as a financial company as opposed to an operating one that requires it to abide by the Reserve Bank of India’s comprehensive guidelines for such entities. Following RBI’s clarification, the deal was sealed.

Orange’s 750 MW of operational assets have a larger geographical footprint across four states compared to Skeiron that also counts PE funds Asia Climate Partners (ACP) and Olympus Capital as partners.

 

 

 

 

Reference- ET, Mercom India, The Hindu

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