Japan’s financial services firm ORIX Corp will be investing $980 million in Greenko Energy Holdings. This comes as a single largest foreign investment in India’s clean energy space.
ORIX is a major company working company in Japan which includes wind, solar, biomass, power trading and retailing and is the largest corporate in Japanese solar power generation market.
This deal comes at a time when India’s clean energy space is going through a power procurement curtailment and tariff shopping by dicoms. Hyderabad based Greenko is now building power storage projects with total capacity of 7.2 GW across six states in India as part of a plan to provide on-demand power from wind and solar projects.
The deal will now add 873 mega watt of Orix operating wind assets to Greenko and will add approximately $100 million to Greenko’s EBITDA in the first year. The deal will also bring Greenko’s enterprise value at $10.2 billion
Greenko group also wants to be present in the electricity distribution scapeand has submitted a non-binding offer to buy Reliance Infrastructure Ltd’s Delhi electricity distribution businesses.
