Greenko Agrees to Buy Orange Renewables for $1 Billion

The acquisition would mean Greenko standing at par with ReNew Power in terms of the total operating capacity of nearly 4.3 GW. It will surpass the Tata Power who has generated the total of 2 GW from renewable energy so far.

With the acquisition of solar and wind portfolio of Orange Renewables for $1 billion, the Greenko Group is set to have its largest deal so far. The deal would include the taking over of debt of $680 million by Greenko.

The deal would mean taking over of 708 MW of operational projects which include 140 MW of Solar PV projects and 560 MW of wind power projects. Also, the under construction wind projects of 200 MW would be overtaken by the Greenko from Orange Renewables.

The acquisition would mean Greenko standing at par with ReNew Power in terms of the total operating capacity of nearly 4.3 GW. It will surpass the Tata Power who has generated the total of 2 GW from renewable energy so far.

Orange Renewable is engaged in the development and management of projects across the renewable energy spectrum that includes Solar and Wind energy. The company is owned by Singapore-based AT Capital with an Indian-born billionaire Arvind Tiku as its main sponsor. The headquarters of Orange is in Delhi and has operations in five states across India.

Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, and Maharashtra are the states in India where Orange has 750 MW of operational wind and solar generating plants. Similarly, the under-construction plants stand at the capacity of 250 MW.

Earlier in 2016, Greenko bought Indian portfolio of SunEdison for about $300 million. The company is Hyderabad based and has in past 18 months raised more than $2 billion through equity and debt; however, it will purchase the Orange via its internal reserves.