Japan's Orix to invest $980 mil. in India's leading green energy firm

14, Sep. 2020

Image by seagul from Pixabay
Image by seagul from Pixabay

NEW DELHI, NNA - Japanese diversified financial service provider Orix Corp. will invest about $980 million in India's leading renewable energy firm Greenko Energy Holdings, anticipating further growth of the green energy market in the South Asian country.

Under a basic agreement, Orix will acquire at least 20 percent of Greenko's shares, while transferring its whole wind energy business in India to the Indian green energy provider, Orix said Friday in a press release. The transaction will be completed by the end of the year, subject to regulatory approvals.

Established in 2004, Greenko has 4.4 gigawatts of renewable energy assets, including solar, wind and hydro power, with over 8 GW capacity under construction, and plans to take over another 1.2 GW in hydro business, according to the statement.

Starting as a leasing company, Orix has diversified its business activities to include energy, private equity, infrastructure, real estate and retail financing. In 2016, it set up a wind power joint venture with a total capacity of 873 megawatts in India and made it wholly owned in 2019, the statement said. (NNA/Kyodo)