Greenko to Acquire Orange Renewable Assets
• Adds to Greenko portfolio ~ 1.4 GW MW Solar & Wind Assets
• Enterprise Value is about ~ $922 Million
• Expected to be immediately accretive to Greenko’s EBiTDA upon closing,
Greenko Investment Company, Greenko Energy Holdings
Greenko Energy Holdings, one of India’s leading renewable energy companies, todayannounced the signing of definitive agreements for a primary equity raising of US$ 447 million froman affiliate of GIC and an entity that is ultimately wholly-owned by the Abu Dhabi Investment Authority. GIC invested its share, being US$ 316.1 million. the ADIA entity will invest the remaining US$79.3 million and Greenko Ventures will invest US$ 52 Million. GIC continues to maintain their currentmajority shareholding.
Greenko Energy Holdings, one of the leading renewable energy companies, today announcedthat they have entered into a definitive purchase agreement under which Greenko will acquire OrangeRenewables Singapore for a total enterprise value of approximately $922 million, which has 907 MW ofSolar and Wind Assets and pipeline assets of over 500 MW.
The deal will add about 907 MW operating and near completion assets to Greenko’s existing portfolio ofover 3 GW operational capacity taking overall operational capacity to about 4 GW of well diversified andde-risked portfolio of Wind, Solar and Hydro. Greenko overall under-construction capacity in addition tothe 4 GW operational capacity is over 7 GW taking its total operating capacity to about 11 GW, clearlyestablishing leadership position in the Indian Renewable Energy Sector. The deal is accretive to Greenko’sEBiTDA upon closing, approximately $130 Million accretive in the first full year after close, with additionalaccretion and growth anticipated thereafter.
We believe the combination of our existing Hydro, Solar and Wind projects with 24/7 Renewable PowerStrategy to help Indian Power Distribution companies is the right next step in our growth trajectory.
“The proposed acquisition of Orange Renewable assets is expected to Capacity, Revenue, EBITDA growthand drive overall earnings growth potential for Greenko and its stakeholders. Indian Energy Markets aretransitioning from deficit markets to demand driven contracts requiring reliable, flexible and costcompetitive energy. Greenko is focussing in building Integrated Renewable Energy assets with storage toaddress these markets by competing with conventional energy assets like thermal in quality, quanity andcost.” said Anil Chalamalasetty, Managing Director and chief executive officer, Greenko