Greenko Energy Holdings (Greenko), a renewable energy company in India, has completed the acquisition of Orange Renewables.
Greenko has also signed an agreement to acquire the assets of Skeiron Green Renewables. The combined deal will add 1.3GW of renewable energy assets that are operating and nearly completed wind and solar assets to its portfolio.
With the deal, the company’s overall operational capacity will grow to 4.5GW. It has an additional under-construction capacity of over 8GW, consisting mainly of integrated renewable energy projects. This will increase the company’s total operating capacity to about 12GW.
The transaction is also expected to add nearly $200m to Greenko’s earnings before interest, taxes, depreciation and amortization (EBITDA) in the first full year after the completion.
Greenko managing director and CEO Anil Chalamalasetty said: “The proposed acquisition of Skeiron and completion of Orange Renewable assets are expected to drive Capacity, Revenue, EBITDA and overall earnings growth potential for Greenko and its stakeholders.
“Indian Energy Markets are transitioning from deficit markets to demand driven contracts requiring reliable, flexible and cost competitive energy.
“Greenko is focused on building Integrated Renewable Energy assets with storage, which can compete with conventional energy assets like thermal in quality, quantity and cost.”
As per the company, a combination of hydro, solar and wind projects with a 24/7 on demand Schedulable Renewable Power (SPOD) Strategy is the right step in its growth.
Greenko is claimed to be the first company in the country to have received licenses to build and operate Integrated Renewable Energy Projects from the state Governments of Andhra Pradesh and Karnataka with an overall capacity of over 8GW.
Greenko was established in 2006 and is backed up by Singapore-based GIC and Abu Dhabi Investment Authority.
A deal to acquire Orange Renewables Singapore for a total enterprise value of $922m was signed in June this year. Orange Renewables Singapore’s portfolio included 907MW in solar and wind assets and more than 500MW assets in pipeline.