+
Greenko Founders Secure $650 Million Loan to Reclaim Stake
POWER & RENEWABLE ENERGY

Greenko Founders Secure $650 Million Loan to Reclaim Stake

Greenko Energy Holdings co founders Anil Chalamalasetty and Mahesh Kolli have clinched a $650 million private credit facility that will enable them to repurchase 17.5 per cent of the clean energy producer from Japan’s Orix Corp, leaving Orix with a residual 2.5 per cent.

The two year loan comes from a consortium of lenders including Keppel Credit, SeaTown Holdings International, BlackRock, Varde Partners, Broad Peak Investment Advisers, Nomura and Sumitomo Mitsui Banking Corp. The transaction is one of India’s largest private credit financings this year, reflecting brisk demand for alternative funding as the government ramps up infrastructure spending.

The founders are executing the purchase through AM Green Power BV, a special purpose vehicle backed by parent company AM Green (Luxembourg) Sàrl. In a parallel move, Orix will invest about $731 million in a convertible note issued by the Luxembourg entity, providing fresh capital for future growth.

The deal revives a plan first announced earlier in the year to acquire Orix’s entire 20 per cent holding. Talks stalled in April over funding terms but were resurrected after the new credit line was secured. Orix shares rose 2.6 per cent on Monday, their strongest single day gain since early April.

The financing follows last month’s $3.4 billion private credit package for Shapoorji Pallonji Group, underscoring the growing appeal of large scale private debt in India’s capital hungry renewable and infrastructure sectors.

Greenko Energy Holdings co founders Anil Chalamalasetty and Mahesh Kolli have clinched a $650 million private credit facility that will enable them to repurchase 17.5 per cent of the clean energy producer from Japan’s Orix Corp, leaving Orix with a residual 2.5 per cent.The two year loan comes from a consortium of lenders including Keppel Credit, SeaTown Holdings International, BlackRock, Varde Partners, Broad Peak Investment Advisers, Nomura and Sumitomo Mitsui Banking Corp. The transaction is one of India’s largest private credit financings this year, reflecting brisk demand for alternative funding as the government ramps up infrastructure spending.The founders are executing the purchase through AM Green Power BV, a special purpose vehicle backed by parent company AM Green (Luxembourg) Sàrl. In a parallel move, Orix will invest about $731 million in a convertible note issued by the Luxembourg entity, providing fresh capital for future growth.The deal revives a plan first announced earlier in the year to acquire Orix’s entire 20 per cent holding. Talks stalled in April over funding terms but were resurrected after the new credit line was secured. Orix shares rose 2.6 per cent on Monday, their strongest single day gain since early April.The financing follows last month’s $3.4 billion private credit package for Shapoorji Pallonji Group, underscoring the growing appeal of large scale private debt in India’s capital hungry renewable and infrastructure sectors.

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?