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Japan’s Orix To Invest `7200 Cr In Greenko for 20% stake
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iversified Japanese financial conglomerate, has made the largest single renewable energy investment into India, with a $980 million ( Rs 7200 crores) on renewable major Greenko Group Holdings. The deal is expected to be closed by the end of the year. The Tokyo based firm had $23.6 billion
in reported revenues last year, making the Greenko bet one of its largest investments anywhere outside Japan. For the Hyderabad-based Greenko Group, founded by Anil Kumar Chalamalasetty and Mahesh Kolli in 2004, the investment by Orix follows previous investments from sovereign wealth funds GIC Investment of
Singapore, and the Abu Dhabi Investment Authority, that have together pumped in over $2.2 billion in the firm. While GIC owns 65.8 percent in the firm, ADIA owns 16.5 percent. After the transaction closes, the promoters are expected to be left with around 13 percent stake in the firm. Orix, according to its statement, will integrate its existing wind energy business (873 MW) with Greenko, as part of the transaction, where it will be buying most of its stake from the promoter’s equity, besides a fresh issue of shares. The deal will make Greenko the second most valuable renewable energy firm in the country with a valuation of over $6 billion, after the publicly listed Adani Green Energy, which has had a spectacular run on the equity markets recently, to take its own valuation to almost $13 billion. French energy major Total is the major partner at Adani Green Energy. Greenko, with an existing capacity of 4 GW, and a pipeline of over 8 GW, was probably one of the few firms that offered an opportunity to invest a significant amount, to the Japanese firm.
Fourth Partner Energy Raises `126 Crore to Expand Project Portfolio
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ourth Partner Energy, one of India’s leading solar solutions firm for corporates, has announced that it has raised USD 16 million (~ Rs 126 crore) in mezzanine funding from a consortium of European impact investment funds, led by Symbiotics. This is the second round of funding announced by the firm this fiscal after responsAbility Investments A.G. pumped in USD 15 million in June. Symbiotics, a leading market-access platform for impact investing, has arranged for the issuance of this bond in partnership with Netherland’s
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sustainable banking majors, Triodos Bank and ASN Bank. This bond marks the consortium’s foray into India’s commercial solar sector. The firm will utilise these funds towards the construction of around 150 MW worth of new solar assets. Pradhyum Reddy, Head – Corporate Finance at Fourth Partner Energy said, “this line of credit from marquee impact investors like Symbiotics, Triodos and ASN is testament to the role of Commercial & Industrial customers driving the transition to clean energy. At Fourth Partner Energy, we
SAUR ENERGY INTERNATIONAL S E P TE M B E R 2 02 0 SAURENERGY .C O M
are working hard to bring into India high-quality global financiers committed to the long-term impact of distributed solar. “We have a very healthy orderbook, and these two rounds of funding in quick succession, in what has
otherwise been a challenging year, will allow us to execute these projects and adhere to our client commitments. We will be utilising these funds for expanding our distributed solar footprint. We are delighted to welcome Symbiotics, Triodos and ASN as our Fourth Partners!” The Hyderabad based firm has an operational portfolio of 400 MW of solar assets currently and is looking to add close to 350 MW capacity this fiscal. The company is also constructing solar parks across Uttar Pradesh, Maharashtra and Tamil Nadu as part of its Open Access portfolio.
