Greenko to acquire Orange Renewables

Greenko plans to purchase wind and solar energy developer Orange Renewables for an enterprise value of about $1 billion. Greenko is backed by Singapore-based GIC and the Abu Dhabi Investment Authority, and is expected to buy the holding company of Orange Renewables that owns all the assets. Orange has 750 MW of operational wind and solar power plants in five states — Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan and Maharashtra. It also has an additional 250 MW of capacity in the pipeline. The acquisition will increase Greenko’s operational portfolio to about 4 GW from the present capacity of 3.2 GW. Reportedly, Orange has an equity value of about $350 million and a debt of around $650 million.