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United News of India
30-06-2025
- Business
- United News of India
AM Green Group acquires 17.5 pc stake in Greenko Energy Holdings from ORIX
Kakinada (Andhra Pradesh), June 30 (UNI) AM Green BV today said it has signed definitive documents to acquire 17.5 per cent equity stake in Greenko Energy Holdings from ORIX Corporation, through its wholly owned subsidiary AM Green Power BV. AMG will own 25 percent stake (along with AMG promoter's current stake) in Greenko post-closing of this transaction in July 2025, the company said in a release here. As part of this transaction, ORIX has also entered into an agreement to invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l ("AMG Lux"), the parent company that holds all shares of AMG. This investment will provide ORIX long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy. 'This transaction is a key milestone in building one of the world's fully integrated and scalable green energy platforms,' said Anil Chalamalasetty, Founder and CEO of AM Green. 'We thank ORIX for their continued partnership and belief in our vision,' he added. ORIX stake acquisition strengthens AM Green's upstream integration through Greenko, one of India's leading renewable energy companies, operating over 10 GW of renewable and pumped storage assets. Greenko is on track to build the world's largest 'Intelligent Energy Storage Cloud Platform' with over 100 GWh of daily storage capacity by 2030. Founded in 2023 by Greenko co-founders, Anil Chalamalasetty and Mahesh Kolli, AMG is one of the largest fully integrated Power-to-X (P2X) platform with access to end to end industrial decarbonization solutions including renewable power (solar, wind, hydro), long-duration storage (pumped hydro), most competitive round the clock carbon free power and green molecules (green hydrogen, green ammonia, low carbon caustic soda, ethanol, and sustainable aviation fuel). AMG has plans to produce 5 million tonnes per annum (MTPA) of green ammonia, with the first 1 MTPA project under construction in Kakinada (Andhra Pradesh). AMG has also signed green ammonia supply term sheets with several industrial and power companies in the OECD markets including Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia. AMG has also signed globally the largest power purchase agreements for supply of round the clock carbon free energy for its first 2 MTPA green ammonia projects and has access to electrolyzers through its manufacturing JV with John Cockerill. AM Green's Kakinada industrial complex, currently under construction, will be the world's first and largest integrated green industrial zone. It will house 2 MTPA of green ammonia production, 2 GW electrolyzer gigafactory and facilities for SAF and green chemical production. In 2024, AMG acquired Chempolis, a Finland-based innovator in sustainable biomass processing, to support its Bio2X platform. Known for its low-emission, low-water, and zero-waste process, Chempolis technology offers a scalable solution for circular bioeconomy applications, aligning with AM Green's commitment to decarbonization. Greenko's flagship 1.7 GW pumped storage project in Andhra Pradesh has already been commissioned with its next two pumped storage projects in Madhya Pradesh and Karnataka (2.5 GWs) are expected to be commissioned in 2026 and 2027 respectively. UNI KNR RN
Time of India
30-06-2025
- Business
- Time of India
Greenko founders buy Orix Corp's 20% in Greenko Energy for $1.3 bn
AM Green BV will buy Japanese financial service firm Orix Corp 's 17.5 per cent stake in clean energy producer Greenko Energy Holdings for USD 1.28 billion, the firms said on Monday. AM Green is owned by the founders of Greenko, Anil Chalamalasetty and Mahesh Kolli. Post this transaction, AMG will own around 25 per cent of Greenko, whose largest owner is Singapore's sovereign wealth fund GIC Pte with a 58 per cent stake. Orix will transfer 17.5 per cent holding in Greenko, out of its total ownership of 20 per cent, to AM Green Power BV (a subsidiary of AM Green BV). The Tokyo-based firm will also invest about USD 731 million in a convertible note issued by parent company AM Green (Luxembourg) Sarl (AMG Lux). Greenko owns major renewable energy companies in India and operates renewable energy power generation facilities with a total installed capacity of 10 gigawatt, including solar, wind, and hydroelectric power generation. In addition, it is advancing the development of large-scale pumped storage power generation. Live Events "Orix has supported Greenko's business growth since it invested in March 2021. Orix decided to sell 17.5 per cent of the 20 per cent share holdings in Greenko and invest in AMG Lux as part of its capital recycling strategy," the Japanese firm said in a statement. This investment will provide Orix long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy, AM Green said in a separate statement. While AM Green (AMG) did not give the value of the transaction, Orix said the transfer price is "USD 1.282 billion". "This transaction is a key milestone in building one of the world's fully integrated and scalable green energy platforms," Chalamalasetty, founder and CEO of AM Green, said. In January 2025, Orix announced that it had entered into a share transfer agreement with Greenko and a new investment in AMG Lux, but because the conditions precedent had not been satisfied, the agreement was terminated in April 2025. "However, after further consideration among related parties, we have decided to reenter into this agreement," it said. The transaction is subject to regulatory approvals and is likely to be concluded by the end of July. AMG has plans to produce 5 million tonnes per annum (MTPA) of green ammonia , with the first 1 MTPA project located in Kakinada in Andhra Pradesh, which is under construction with targeted commissioning during the second half of 2026. It has also signed binding term sheets with the likes of Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia, to supply green ammonia to Europe. In the future, AMG aims to expand its business to include the production of 1 MTPA of green hydrogen, synthetic fuels such as methanol, as well as the production of SAF ( Sustainable Aviation Fuel ) using biomass-derived raw materials, and to become a platform company that builds a value chain for next generation energy. AMG has also signed globally the largest power purchase agreements for supply of round-the-clock carbon-free energy for its first 2 MTPA green ammonia projects and has access to electrolysers through its manufacturing JV with John Cockerill. Its Kakinada industrial complex, currently under construction, will be the world's first and largest integrated green industrial zone. It will house 2 MTPA of green ammonia production, 2 GW electrolyser gigafactory and facilities for SAF and green chemical production. Greenko's flagship 1.7 GW pumped storage project in Andhra Pradesh has already been commissioned, with its next 2 pumped storage projects in Madhya Pradesh and Karnataka (2.5 GWs) are expected to be commissioned in 2026 and 2027, respectively. Orix said its gains from the transaction are subject to exchange rate fluctuations. "If the sale price is estimated using the exchange rate as of June 27, 2025, (USD 1 equal to 144.58 Japanese Yen), Orix expects to record a gain on the sale of approximately 93.4 billion Yen (including the valuation gain on the 2.5 per cent stake which we will continue to hold) in the consolidated financial statements in the second quarter for the fiscal year ending March 31, 2026," it said.
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Business Standard
30-06-2025
- Automotive
- Business Standard
AMG acquires 17.5% stake in Greenko Energy Holdings for $1.4 billion
In what could be the largest transaction in India's green energy space, AM Green BV (AMG) has acquired a 17.5 per cent equity stake in Greenko Energy Holdings (Greenko) from Japanese financial services firm ORIX Corporation (ORIX) for $1.4 billion. AMG will own 25 per cent stake, including AMG promoter's current share, in Greenko post-closing of this transaction in July. It acquired the share through its wholly-owned subsidiary AM Green Power BV (AMG Power). This deal was first announced early this year, but did not close due to lack of regulatory permissions. Now, the deal has been announced again with the same valuation. As part of the transaction, ORIX has also entered into an agreement to invest in a convertible note issued by AM Green (Luxembourg), the parent company that holds all shares of AMG. This investment will provide ORIX long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy. According to reports, ORIX gets $650 million in cash, plus $750 million worth of stock, amounting to 10 per cent in AM Green through convertible notes. 'This transaction is a key milestone in building one of the world's fully integrated and scalable green energy platforms,' said Anil Chalamalasetty, founder and chief executive officer of AM Green. 'We thank ORIX for their continued partnership and belief in our vision.' Founded in 2023 by Greenko co-founders, Anil Chalamalasetty and Mahesh Kolli, AMG is one of the largest fully integrated Power-to-X (P2X) platform with access to end-to-end industrial decarbonisation solutions, including renewable power (solar, wind, hydro), long-duration storage (pumped hydro), most competitive round the clock carbon-free power and green molecules (green hydrogen, green ammonia, low carbon caustic soda, ethanol, and sustainable aviation fuel). ORIX stake acquisition strengthens AM Green's upstream integration through Greenko, one of India's leading renewable energy companies, operating over 10 GW of renewable and pumped storage assets. Greenko is on track to build the world's largest 'Intelligent Energy Storage Cloud Platform' with over 100 GWh of daily storage capacity by 2030. AMG has plans to produce 5 million tonnes per annum (Mtpa) of green ammonia, with the first 1 Mtpa project under construction in Kakinada (Andhra Pradesh). AMG has also signed green ammonia supply term sheets with several industrial and power companies in the OECD markets, including Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia. The company has also signed globally the largest power purchase agreements for supply of round the clock carbon free energy for its first 2 Mtpa green ammonia projects and has access to electrolysers through its manufacturing JV with John Cockerill. AMG is participating in the Indian green hydrogen supply tenders and is on track to capture sizable share due to its access to highly cost competitive green power, electrolysers and a very experienced team. AMG is also in late stage development to produce low carbon caustic soda, synthetic fuels such as methanol, high value chemicals as well as SAF (Sustainable Aviation Fuel) using biomass-derived raw materials, and to become a platform company that builds a value chain for next generation energy. AM Green's Kakinada industrial complex, currently under construction, will be the world's first and largest integrated green industrial zone. It will house 2 Mtpa of green ammonia production, 2 Gw electrolyser gigafactory and facilities for SAF and green chemical production. In 2024, AMG acquired Chempolis, a Finland-based innovator in sustainable biomass processing, to support its Bio2X platform. Known for its low-emission, low-water, and zero-waste process, Chempolis technology offers a scalable solution for circular bioeconomy applications, aligning with AM Green's commitment to decarbonisation. This technology enables AM Green to convert agricultural residues and other non-food biomass into high-value products such as cellulosic pulp (key input for textile industry), cellulosic ethanol (key input for sustainable aviation fuel (SAF), bio-based chemicals, and other biomaterials. Greenko's flagship 1.7 Gw pumped storage project in Andhra Pradesh has already been commissioned, with its next two pumped storage projects in Madhya Pradesh and Karnataka (2.5 Gws) expected to be commissioned in 2026 and 2027 respectively.
Mint
30-06-2025
- Business
- Mint
Orix announces plan to sell stake in Greenko to promoter; invest $750 mn in AM Green
New Delhi: Japan's financial services firm Orix Corp. on Monday said it will reenter a share transfer agreement to sell its 17.5% stake in Greenko Energy Holdings to AM Green Power B.V., in what will be among the largest transactions in India's green energy space. Orix said in a statement that the decisions taken on Sunday also include reentering the agreement to invest in the convertible note issued by AM Green B.V, owned by founders of Greenko Group Anil Chalamalasetty and Mahesh Kolli. The deal is part of Orix's capital recycling strategy, with the transaction valuing Greenko Energy at $7.5 billion. Mint reported about the $1.4 billion deal on Sunday and that the deal will be announced on Monday. Under the terms of the deal, Orix gets $650 million in cash, plus $750 million worth of stock, amounting to 10% in AM Green through convertible notes. Chalamalasetty and Kolli will own the remaining 90% stake in AM Green. A private credit debt of $650 million was raised for the deal. 'If the sale price is estimated using the exchange rate as of June 27, 2025, ($1 = ¥144.58), Orix expects to record a gain on the sale of approximately ¥93.4 billion ($647.58 million) (including the valuation gain on the 2.5% stake which we will continue to hold) in the consolidated financial statements in the second quarter for the fiscal year ending March 31, 2026,' the statement said. 'AM Green B.V. has a call option on the remaining 2.5% stake that ORIX Corp. holds in Greenko Energy Holdings for 18 months. The plan is to acquire that portion as well, valued at around $150 million,' said a person aware of the development, requesting anonymity. AM Green Group president and Greenko Group president and joint managing director Mahesh Kolli declined to comment on the remaining 2.5% stake sale. Once the transaction is concluded, Chalamalasetty and Kolli will hold 28% stake in Hyderabad-based Greenko Energy, through their personal stakes as well as the stake held by AM Green, while sovereign wealth funds GIC Holdings Pte. Ltd, and Abu Dhabi Investment Authority (ADIA) will hold 58% and 14% respectively. Greenko has a 12 gigawatt (GW) operational portfolio of wind, solar, hydro, and pumped storage projects; with another 20 GW under construction. It is also eyeing new areas of business, including nuclear power, and participated in Nuclear Power Corp. of India Ltd's (NPCIL) process called for setting up small modular reactors for captive consumption. Greenko is also jointly developing India's largest electrolyzer plant of 2 GW annual production capacity with John Cockerill in Kakinada. 'ORIX has supported Greenko's business growth since it invested in March 2021. ORIX decided to sell 17.5% of the 20% share holdings in Greenko and invest in AMG Lux as part of its capital recycling strategy. ORIX aims to invest in the next generation of the energy sector (including green molecules) by using part of these funds, an area expected to grow rapidly as the world works towards achieving decarbonization,' the statement said. The deal has been in the works for some time, and Orix terminated the pact on 25 April for not meeting the conditions precedent. 'ORIX had announced in January 2025 that it had entered into a share transfer agreement of Greenko and a new investment in AMG Lux, but because the conditions precedent had not been satisfied, the agreement had been terminated in April 2025 . However, after further consideration among related parties, we have decided to reenter into this agreement,' the statement said. 'Regulatory approvals under the Indian Competition Act have already been obtained, and ORIX plans to complete the partial transfer of Greenko shares and underwriting of the convertible notes by the end of July 2025,' the statement added. AM Green, on its part, has been putting the downstream piece together and is setting up production facilities for green molecules; including green hydrogen, green ammonia, biofuels, e-methanol, sustainable aviation fuels, and various downstream high-value chemicals, for decarbonization in hard-to-abate industries. It plans to produce 5 million tonnes per annum (mtpa) of green ammonia, with the first 1 mtpa project in Kakinada expected to be commissioned in 2026. The project, which includes a green hydrogen unit and ammonia conversion plant at a repurposed urea facility acquired earlier this year, will cost about ₹ 12,500 crore. AM Green has already signed offtake agreements with major buyers including Uniper, Yara, and Keppel.
Mint
29-06-2025
- Business
- Mint
Exclusive: Greenko founders buy Orix Corp.' 20% in Greenko Energy for $1.4 billion, announcement on Monday
AM Green B.V., owned by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli, has purchased Japanese financial services firm Orix Corp.'s 20% stake in Greenko Energy Holdings in a $1.4 billion equity deal, two people aware of the development said. The transaction, one of the largest deals in India's green energy sector that values Greenko Energy at $7.5 billion, will be announced on Monday, the people cited above said on the condition of anonymity. Under the terms of the deal, Orix gets $650 million in cash, plus $750 million worth of stock amounting to 10% in AM Green through convertible notes. Chalamalasetty and Kolli will own the remaining 90% stake in AM Green. The deal is part of Orix's capital recycling strategy. Once the transaction is concluded, Chalamalasetty and Kolli will hold 28% stake in Hyderabad-based Greenko Energy, through their personal stakes as well as the stake held by AM Green, while sovereign wealth funds GIC Holdings Pte. Ltd, and Abu Dhabi Investment Authority (ADIA) will hold 58% and 14% respectively. The deal has been in the works for some time, and saw Orix terminating the deal on 25 April for not meeting conditions precedent. AM Green Group president and Greenko Group president and joint managing director Mahesh Kolli declined to comment. 'A private credit debt of $650 million was raised for the deal. The initial plan was to complete the deal by end March; but a lot of conditions precedent were not met, that had led to the announcement of the termination of the deal," said one of the two people cited above. Queries emailed to the spokespersons of Orix, Greenko, GIC, ADIA and AM Green on Friday evening remained unanswered. Analysts say having GIC as a promoter has helped Greenko. 'Greenko's rating benefits from financial support and strategic oversight from 58% owner Singapore sovereign wealth fund GIC, which holds four of 13 board seats. GIC approves investment plans, oversees operations and manages risks," Fitch Ratings wrote in a 16 March report. Mint earlier reported about GIC and Malaysia's Gentari Sdn Bhd investing $1.75 billion in AM Green Ammonia Holdings, a deal that ranked among the world's largest in energy transition. While Gentari will invest $1.5 billion for 30% in AM Green Ammonia Holdings, the founders will hold the balance 70% along with GIC, which will invest $250 million. 'This is an integrated play wherein Greenko takes care of upstream renewable power generation, and midstream storage through pump storage projects; wherein AM Green works on the downstream part involving molecule and materials manufacturing. While for the promoters, the first 15 years was about building a green energy business, the next 10 years is about the green energy transition business," said the first person. Greenko has a 12 giga watt (GW) operational portfolio of wind, solar, hydro, and pumped storage projects; with another 20 GW under construction. It is also eyeing new areas of business including nuclear power, and participated in Nuclear Power Corp. of India Ltd's (NPCIL) process called for setting up small modular reactors for captive consumption. Greenko is also jointly developing India's largest electrolyzer plant of 2 GW annual production capacity with John Cockerill in Kakinada. AM Green, on its part, has been putting the downstream piece together and is setting up production facilities for green molecules; including green hydrogen, green ammonia, biofuels, e-methanol, sustainable aviation fuels, and various downstream high-value chemicals, for decarbonization in hard-to-abate industries. It plans to produce 5 million tonnes per annum (mtpa) of green ammonia, with the first 1 mtpa project in Kakinada expected to be commissioned in 2026. The project, which includes a green hydrogen unit and ammonia conversion plant at a repurposed urea facility acquired earlier this year, will cost about ₹12,500 crore. AM Green has already signed offtake agreements with major buyers including Uniper, Yara, and Keppel. AM Green is also investing in logistics to export its green ammonia abroad. In May, it signed an agreement with the Port of Rotterdam Authority to build a green energy supply chain between India and Northwestern Europe. In January, it partnered with global logistics major DP World to set up advanced logistics and storage infrastructure for green hydrogen and green ammonia exports. It has also partnered the world's second largest miner Rio Tinto through AMG Metals & Minerals to set up the biggest global green energy based aluminium production facility in India at an investment of around $6 billion for a 1 million tonne per annum (mtpa) aluminium smelter and a 2 million tonne alumina production facility in India. India's green energy space has witnessed tremendous interest, given its green energy transition trajectory. India has an installed renewable energy capacity of 226.9 GW; of which solar and wind power account for 110.9 GW and 51.3 GW respectively. India's playbook is to add 50GW of green energy capacity annually to reach 500GW renewable capacity by 2030. Attracted by India's green energy transition trajectory, there are several green energy deals in play including the Philippines' Ayala Corp.'s ACEN and UPC Renewables joint venture (JV) green energy platform— UPC Renewables India—plans to sell a significant stake in its upcoming 1GW projects in India; in a deal potentially valued at an enterprise value of around $600 million, as reported by Mint earlier. However, there have also been some emerging concerns such as solar energy tariffs taking a nose dive, power demand in India's top six industrialized states flattening in April and cooling in May, power transmission evacuation constraints, and states not inking power purchase agreements (PPAs) and power supply agreements (PSAs) for awarded projects due to drop in tariffs in the subsequent bids. Mint earlier reported about renewable power capacity totalling nearly 30GW has failed to find buyers; with a capacity of at least 15GW is yet to find PPAs, while at least 14GW is awaiting PSAs.
