Greenko signs agreement to acquire Skeiron’s 385 MW wind power projects

Greenko Energy Holdings (Greenko) has signed a definitive purchase agreement with Skeiron Green Renewables to acquire 385 MW of the latter’s wind power projects at an enterprise value of about Rs 35 billion. The deal is expected to add approximately $200 million to Greenko’s Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) in the first full year after close.

In addition, Greenko has acquired approximately 907 MW of operational projects and 500 MW of assets under development from Orange Renewable Power Private Limited. The combined transaction of Orange and Skeiron would add 1,300 MW of capacity and increase Greenko’s overall operational capacity to about 4.5 GW across a portfolio of wind, solar and hydro power projects.

This will be Greenko’ third acquisition in India. In November 2016, the company had completed the acquisition of SunEdison’s 587 MW Indian wind and solar portfolio for a cash payment of $42 million and assumption of project-level debt of $350 million. The enterprise value of this transaction was about $392 million.

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