Greenko buys Orange Renewable from AT Capital

Greenko Group has agreed to buy Orange Renewable from Singapore’s AT Capital Group at an enterprise value of $1 billion, Greenko Group’s founder Mahesh Kolli said.

Greenko, backed by sovereign wealth funds GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority, will make an equity payout of around $300 million, said Kolli, who is also president and joint managing director of Greenko.

Once the transaction is completed, Greenko’s total renewable energy operational capacity will increase by 1GW to 4.2GW, the second largest in India after ReNew Power Ventures Pvt. Ltd. The Hyderabad-based company also has 600MW of clean energy projects under construction.

“The Orange transaction will be value accretive to Greenko immediately,” Kolli said in an interview. Orange Renewable, a unit of AT Holdings Pte. Ltd, is among India’s largest renewable energy platforms with

The portfolio of New Delhibased Orange Renewable, founded by Singapore resident Arvind Tiku, comprising wind and solar power projects was up for sale for some time, with Rothschild been given the mandate to find a buyer.

Queries emailed to Tiku on Friday evening remained unanswered.

Sudhir Nunes, chief executive officer, wind business at Orange Renewable, in an emailed response, declined to comment “on market speculations.”

HYDERABAD/NEW DELHI: