News & Insights

Cases & Deals

March 5, 2021

ORIX completes $961 million investment into Greenko Energy Holdings

On 5 March 2021, our client, the promoters of Greenko Energy Holdings (“Greenko”), closed on a US$961 million investment by ORIX Corporation (“ORIX”) into the Greenko Group. Greenko is a Hyderabad headquartered renewables energy company and ORIX is a Japanese financial services company listed on the Tokyo stock exchange. ORIX’s investment included (i) the purchase of existing shares in Greenko from the promoters, (ii) a subscription for new shares in Greenko and (iii) the sale to Greenko of 873 MW of ORIX’s wind energy portfolio in India. ORIX now owns a 21.8% stake in Greenko, alongside the promoters (who retained a minority stake), Singapore’s Government Investment Company (“GIC”) and the Abu Dhabi Investment Authority (“ADIA”). The Singapore K&S team advised the Greenko promoters on (i) the negotiation of the acquisition documents, (ii) the drafting of complex escrow arrangements required for the simultaneous completion of the various transaction components, (iii) the negotiation of the continuing shareholder arrangements with GIC and ADIA, and (iv) the negotiation of lender consents and waivers with Greenko’s existing lenders. The deal is the single largest foreign investment transaction into India’s renewable energy industry, valuing the Greenko group at over US$4.5 billion. With the completion of the transaction, the Greenko group now has 6.9 GW of solar, wind and hydropower capacity (and a total of 8 GW under construction or in development), making it the owner of India’s largest operational clean energy portfolio.