The Greenko Group has entered into a definitive purchase agreement to acquire Skeiron Green Renewables. The deal will add approximately $200 million to Greenko’s EBITDA  (Earnings Before Interest, Tax, Depreciation and Amortization) in the first full year after close, with further accretion and growth anticipated thereafter.

This comes on the heels of Greenko acquiring approximately 907 MW of operational solar and wind projects from Orange Renewables and over 500 MW of assets under development.

According to the company, the combined deal of Orange and Skeiron will add about 1,300 MW operating and near completion wind and solar assets and increase Greenko’s overall operational capacity to about 4.5 GW of a well-diversified and de-risked portfolio of wind, solar, and hydro.

Greenko has an additional under-construction capacity of over 8 GW, as well as largely integrated renewable energy projects, which will take its total operating capacity to about 12 GW.

Greenko believes that the combination of its existing hydro, solar and wind projects with a 24/7 on demand schedulable renewable power (SPOD) strategy to help Indian power distribution companies is the right next step in its growth trajectory.

“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,” said Anil Chalamalasetty, managing director of Greenko in an issued statement.

When completed, this will be Greenko’ third acquisition in India, and the second in this year alone. In November 2016, Greenko had completed the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of $42 million and assumption of project-level debt of $350 million (at an average interest rate of 11.3 percent). The enterprise value of the transaction was approximately $392 million.