Japanese firm Orix set to invest $980 million in India’sGreenko Energy

Orix, a Japanese financial conglomerate, plans to invest around $980 million in Greenko Energy Holdings. Orix is set to take a stake of more than 20 per cent in Greenko and the deal is expected to close within this year. As per a statement made by the company, Orix will integrate its existing wind energy business, which includes projects of a cumulative 873 MW of capacity, with Geenko. This will be a part of the transaction in which it will be buying most of its stake from the promoter’s equity, besides a fresh issue of shares. This deal is expected to make Greenko the second most valuable renewable energy firm in the country with a valuation of over $6 billion. Besides Orix, previous investments in Greenko include those made by sovereign wealth funds GIC Investment of Singapore, and the Abu Dhabi Investment Authority. The two funds have together invested over $2.2 billion in the firm.

Recently, in August 2020,Greenkosigned an agreement with NTPC VidyutVyapar Nigam for exploring the possibility of entering into an arrangement for trading, collaboration and partnership in integrated renewable energy storage projects set up by Greenko to offer round-the-clockrenewable energy power to potential customers in India. Further, Greenko has also signed an agreement with ONYX InSight to retrofit and modernise 500 wind turbines in India. ONYX Insight’s technology will enhance the quality of data retrieved from the wind turbine to improve the analysis. It will install sensing equipment in phases during a retrofit project across the direct drive and geared turbines.This project is supposed to make operations and maintenance more efficient and improve the reliability of turbines.


Enter your email address