NextEra Energy’s Q1 Profit Rises 12%, Expects Higher Demand from Data Centers

Enphase Energy Reports Net Income Drop of 75% in Q1 on Weak Demand

Tata Power, Indian Bank Partner for Residential Rooftop Solar Financing

Tesla’s EV Sales Drop, Energy Storage Revenues Surge in Q1 2024

Burdensome Regulations and Delays Jeopardize Telangana’s Solar Open Access Projects

Funding and M&A Roundup: EV Charging Firm SWTCH Raises $27 Million

Daily News Wrap-Up: Seven Companies in Race for 10 GWh ACC Capacity Under PLI

China Installs 46 GW of Solar Power Capacity in Q1 2024, Up 36% YoY

Project Finance Brief: Origis Secures $136 Million for 75 MW Solar Project

Ministry Says GENCOs Can Sell Surplus Power in the Market   

<p><a href="https://www.orix.co.jp/grp/en/" target="_blank" rel="noopener noreferrer">Orix Corporation</a>, a Japan-based financial services group, announced that it had signed a framework agreement with renewable energy project developer <a href="https://www.greenkogroup.com/" target="_blank" rel="noopener noreferrer">Greenko Energy Holdings</a><u>,</u> to acquire approximately 20% of its shares.</p>
<p>Orix said that it would acquire over 20% of Greenko&#8217;s shares at a total value of around $980 million (~₹ 72.07 billion). As part of the agreement, the company would also add 873 MW of its wind energy portfolio in India into Greenko&#8217;s portfolio in exchange for the shares.</p>
<p>Last year, Mercom had <a href="https://mercomindia.com/ilfs-sells-wind-subsidiaries-orix-japan/" target="_blank" rel="noopener noreferrer">reported</a> that Orix Corporation was set to acquire a 51% stake in seven wind power generating subsidiaries, which it jointly owned with Infrastructure Leasing &amp; Financial Services Wind Energy Ltd (IWEL). IWEL is the wholly-owned subsidiary of IL&amp;FS Energy Development Company Limited, which, in turn, is a subsidiary of Infrastructure Leasing &amp; Financial Services Limited, a Telangana-based infrastructure development and investment company in which Orix has a significant share.</p>
<p>Orix owned 49% shares of seven special purpose vehicles developing its wind power generation business in India. These seven SPVs operate wind power projects with a combined capacity of 873 MW in seven states, mainly in the southern and western parts of India, where wind conditions are particularly favorable.</p>
<p>The latest transaction is expected to be completed by the end of the year.</p>
<p>Singapore&#8217;s Government Investment Company (<a href="https://www.gic.com.sg/" target="_blank" rel="noopener noreferrer">GIC</a>) and the Abu Dhabi Investment Authority (<a href="https://www.adia.ae/En/home.aspx" target="_blank" rel="noopener noreferrer">ADIA</a>) currently hold 65.8% and 16.5% of Greenko&#8217;s shares, respectively.</p>
<p>Greenko has a renewable energy portfolio with a total operating capacity of 4.4 GW in India. It has long-term power purchase agreements with state-owned power companies, India&#8217;s government-operated agencies, and other organizations.</p>
<p>According to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, Greenko has 1.2 GW of large-scale solar projects in-operations and around 1 GW of projects are under development pipeline.</p>
<p>In June 2020, the government of Andhra Pradesh <a href="https://mercomindia.com/andhra-pradesh-greenko-solar-wind-storage/" target="_blank" rel="noopener noreferrer">approved</a> the establishment of an integrated renewable energy project at Pinnapuram village in Kurnool district by Greenko Energies. As part of this plan, Greenko was to set up a 1 GW solar project, a 550 MW wind project, and 1.2 GW of standalone pumped storage capacity.</p>
<p>Last month, NTPC Limited <a href="blank" target="_blank" rel="noopener noreferrer">announced</a> that its wholly-owned subsidiary NTPC Vidhyut Vihar Nigam Limited, signed a Memorandum of Understanding with Greenko Energies to explore opportunities to supply round-the-clock renewable energy.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
</div></div><div class="clearfix"></div></div></div>

Japan’s Orix to Acquire 20% Stake in Indian Renewable Developer Greenko at $980 Million

orix-corporation

Get the most relevant India solar and clean energy news.

RECENT POSTS