AM Green BV will buy Japanese financial service firm Orix Corp's 17.5 per cent stake in clean energy producer Greenko Energy Holdings for USD 1.28 billion, the firms said on Monday.
AM Green is owned by the founders of Greenko, Anil Chalamalasetty and Mahesh Kolli. Post this transaction, AMG will own around 25 per cent of Greenko, whose largest owner is Singapore's sovereign wealth fund GIC Pte with a 58 per cent stake.
Orix will transfer 17.5 per cent holding in Greenko, out of its total ownership of 20 per cent, to AM Green Power BV (a subsidiary of AM Green BV).
The Tokyo-based firm will also invest about USD 731 million in a convertible note issued by parent company AM Green (Luxembourg) Sarl (AMG Lux).
Greenko owns major renewable energy companies in India and operates renewable energy power generation facilities with a total installed capacity of 10 gigawatt, including solar, wind, and hydroelectric power generation. In addition, it is advancing the development of large-scale pumped storage power generation.
"Orix has supported Greenko's business growth since it invested in March 2021. Orix decided to sell 17.5 per cent of the 20 per cent share holdings in Greenko and invest in AMG Lux as part of its capital recycling strategy," the Japanese firm said in a statement.
This investment will provide Orix long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy, AM Green said in a separate statement.
While AM Green (AMG) did not give the value of the transaction, Orix said the transfer price is "USD 1.282 billion".
"This transaction is a key milestone in building one of the world's fully integrated and scalable green energy platforms," Chalamalasetty, founder and CEO of AM Green, said.
In January 2025, Orix announced that it had entered into a share transfer agreement with Greenko and a new investment in AMG Lux, but because the conditions precedent had not been satisfied, the agreement was terminated in April 2025.
"However, after further consideration among related parties, we have decided to reenter into this agreement," it said.
The transaction is subject to regulatory approvals and is likely to be concluded by the end of July.
AMG has plans to produce 5 million tonnes per annum (MTPA) of green ammonia, with the first 1 MTPA project located in Kakinada in Andhra Pradesh, which is under construction with targeted commissioning during the second half of 2026.
It has also signed binding term sheets with the likes of Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia, to supply green ammonia to Europe.
In the future, AMG aims to expand its business to include the production of 1 MTPA of green hydrogen, synthetic fuels such as methanol, as well as the production of SAF ( Sustainable Aviation Fuel) using biomass-derived raw materials, and to become a platform company that builds a value chain for next generation energy.
AMG has also signed globally the largest power purchase agreements for supply of round-the-clock carbon-free energy for its first 2 MTPA green ammonia projects and has access to electrolysers through its manufacturing JV with John Cockerill.
Its Kakinada industrial complex, currently under construction, will be the world's first and largest integrated green industrial zone. It will house 2 MTPA of green ammonia production, 2 GW electrolyser gigafactory and facilities for SAF and green chemical production.
Greenko's flagship 1.7 GW pumped storage project in Andhra Pradesh has already been commissioned, with its next 2 pumped storage projects in Madhya Pradesh and Karnataka (2.5 GWs) are expected to be commissioned in 2026 and 2027, respectively.
Orix said its gains from the transaction are subject to exchange rate fluctuations.
"If the sale price is estimated using the exchange rate as of June 27, 2025, (USD 1 equal to 144.58 Japanese Yen), Orix expects to record a gain on the sale of approximately 93.4 billion Yen (including the valuation gain on the 2.5 per cent stake which we will continue to hold) in the consolidated financial statements in the second quarter for the fiscal year ending March 31, 2026," it said.
AM Green is owned by the founders of Greenko, Anil Chalamalasetty and Mahesh Kolli. Post this transaction, AMG will own around 25 per cent of Greenko, whose largest owner is Singapore's sovereign wealth fund GIC Pte with a 58 per cent stake.
Orix will transfer 17.5 per cent holding in Greenko, out of its total ownership of 20 per cent, to AM Green Power BV (a subsidiary of AM Green BV).
The Tokyo-based firm will also invest about USD 731 million in a convertible note issued by parent company AM Green (Luxembourg) Sarl (AMG Lux).
Greenko owns major renewable energy companies in India and operates renewable energy power generation facilities with a total installed capacity of 10 gigawatt, including solar, wind, and hydroelectric power generation. In addition, it is advancing the development of large-scale pumped storage power generation.
"Orix has supported Greenko's business growth since it invested in March 2021. Orix decided to sell 17.5 per cent of the 20 per cent share holdings in Greenko and invest in AMG Lux as part of its capital recycling strategy," the Japanese firm said in a statement.
This investment will provide Orix long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy, AM Green said in a separate statement.
While AM Green (AMG) did not give the value of the transaction, Orix said the transfer price is "USD 1.282 billion".
"This transaction is a key milestone in building one of the world's fully integrated and scalable green energy platforms," Chalamalasetty, founder and CEO of AM Green, said.
In January 2025, Orix announced that it had entered into a share transfer agreement with Greenko and a new investment in AMG Lux, but because the conditions precedent had not been satisfied, the agreement was terminated in April 2025.
"However, after further consideration among related parties, we have decided to reenter into this agreement," it said.
The transaction is subject to regulatory approvals and is likely to be concluded by the end of July.
AMG has plans to produce 5 million tonnes per annum (MTPA) of green ammonia, with the first 1 MTPA project located in Kakinada in Andhra Pradesh, which is under construction with targeted commissioning during the second half of 2026.
It has also signed binding term sheets with the likes of Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia, to supply green ammonia to Europe.
In the future, AMG aims to expand its business to include the production of 1 MTPA of green hydrogen, synthetic fuels such as methanol, as well as the production of SAF ( Sustainable Aviation Fuel) using biomass-derived raw materials, and to become a platform company that builds a value chain for next generation energy.
AMG has also signed globally the largest power purchase agreements for supply of round-the-clock carbon-free energy for its first 2 MTPA green ammonia projects and has access to electrolysers through its manufacturing JV with John Cockerill.
Its Kakinada industrial complex, currently under construction, will be the world's first and largest integrated green industrial zone. It will house 2 MTPA of green ammonia production, 2 GW electrolyser gigafactory and facilities for SAF and green chemical production.
Greenko's flagship 1.7 GW pumped storage project in Andhra Pradesh has already been commissioned, with its next 2 pumped storage projects in Madhya Pradesh and Karnataka (2.5 GWs) are expected to be commissioned in 2026 and 2027, respectively.
Orix said its gains from the transaction are subject to exchange rate fluctuations.
"If the sale price is estimated using the exchange rate as of June 27, 2025, (USD 1 equal to 144.58 Japanese Yen), Orix expects to record a gain on the sale of approximately 93.4 billion Yen (including the valuation gain on the 2.5 per cent stake which we will continue to hold) in the consolidated financial statements in the second quarter for the fiscal year ending March 31, 2026," it said.
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