The Japanese financial corporation Orix has agreed to buy a 20% stake in the Indian renewables company Greenko for US$980m. The India renewable company, created in 2013, is currently owned by Singapore’s Government Investment Company (65.8%) and the Abu Dhabi Investment Authority (16.5%). It has a total capacity of 4.4 GW, with 8 GW under construction and in development, and it recently acquired 1.2 GW of hydro assets. As part of the deal, Orix will transfer its wind power generation business in India, with a total capacity of 873 MW, to Greenko, in exchange for Greenko’s new shares. The transaction is expected to be completed by the end of 2020, subject to investment committee approval and other legal procedures required.
India’s government has set a renewable energy target of 175 GW by 2022 against an expected renewable energy level of 113 GW in 2020.
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