10:34 pm - June 30, 2025
India: AM Green BV will acquire a 17.5% stake in Greenko Energy Holdings from ORIX Corporation by July 2025, down from an original 20%, amid reduced financing targets and growing ambitions in green hydrogen and sustainable fuels.
AM Green BV (AMG), via its wholly owned subsidiary AM Green Power (AMG Power), has confirmed the acquisition of a 17.5% equity stake in Greenko Energy Holdings from ORIX Corporation, with the transaction expected to close in July 2025. Following completion, AMG and its promoter group will hold a combined 25% stake in Greenko, an Indian renewable energy leader operating over 10 GW of renewable and pumped storage assets.
This strategic move strengthens AMG’s upstream integration with Greenko, underpinning its broader vision to build a fully integrated and scalable green energy platform. AMG is a next-generation clean energy enterprise founded by Greenko Group promoters, focused on large-scale production of green hydrogen, green ammonia, sustainable aviation fuels, and biofuels. The company aims to deliver 5 million tonnes per annum (mtpa) of green ammonia by 2030, equivalent to 1 mtpa of green hydrogen, with its flagship 1 mtpa green ammonia project already under construction in Kakinada, Andhra Pradesh. AMG has secured long-term power purchase agreements for round-the-clock renewable energy to power its initial green ammonia plants and has signed supply term sheets with global industrial players including Uniper SE and Yara Clean Ammonia.
As part of the deal, ORIX has also agreed to invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l, AMG’s parent company. This investment aligns ORIX with future growth areas such as green hydrogen, green ammonia, sustainable aviation fuels, and other next-generation green molecules, consistent with ORIX’s capital recycling strategy. The arrangement offers ORIX long-term exposure to emerging green molecule markets beyond its divestiture from Greenko itself.
Regulatory clearance for the transaction was granted by the Competition Commission of India earlier in 2025, with the deal originally anticipated to close by March but now targeted for mid-year completion. The share transfer agreement was initially for a 20% Greenko stake valued at approximately $1.5 billion, but the acquisition was scaled back to 17.5% with a revised financing target. AMG plans to raise around $610 million to fund the deal, a reduction from the earlier $800 million target attributed to tightening credit market conditions. This financing is expected to come through syndicated loans arranged by Deutsche Bank and Barclays, involving institutional investors such as BlackRock and Clifford Capital.
The founders of Greenko, Anil Chalamalasetty and Mahesh Kolli, are leading this initiative, underpinning the company’s continued focus on renewable growth despite the shift in stake acquisition size and financing costs. Market observers note some risks related to the transition, as Greenko historically relies on equity injections to fund a significant portion of its investments, and AMG might have comparatively lower financial bandwidth than ORIX.
Greenko itself is acknowledged as a key player in India’s renewable landscape, with a portfolio of solar, wind, hydro, and pioneering pumped storage projects. The company is also developing what it calls the world’s largest “Intelligent Energy Storage Cloud Platform,” aiming for over 100 GWh of daily storage capacity by 2030, reinforcing its integrated energy solution approach.
Anil Chalamalasetty, founder and CEO of AM Green, described the transaction as a “key milestone in building one of the world’s fully integrated and scalable green energy platforms” and expressed gratitude towards ORIX for their continued partnership.
This acquisition marks a significant step in the evolving Indian and global energy market, reflecting growing investor interest in green hydrogen and related sustainable fuel technologies amidst accelerating energy transition goals.
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Source: Noah Wire Services
- https://www.pv-magazine-india.com/2025/06/30/am-green-acquires-stake-in-greenko-from-orix/ – Please view link – unable to able to access data
- https://economictimes.indiatimes.com/markets/stocks/news/greenko-founders-trim-orix-stake-buy-plan-to-raise-610-million/articleshow/121173077.cms – Greenko Group founders, Anil Chalamalasetty and Mahesh Kolli, are reducing their acquisition of Orix Corporation’s stake due to tightening credit markets. They now aim to raise $610 million to purchase 17.3% of the holding company, down from the initially planned $800 million for a 20% stake. The financing could be raised at a cost of around 14% and is being syndicated by Deutsche Bank and Barclays. Investors in the two-year facility could be large funds, including Clifford Capital, BlackRock, and other private credit funds.
- https://www.investing.com/news/sec-filings/orix-corp-divests-greenko-energy-stake-for-146-billion-3822965 – ORIX Corporation has agreed to sell its entire stake in Greenko Energy Holdings to AM Green Power B.V. for $1.46 billion. The transaction, announced today, is expected to close by the end of March 2025, pending regulatory approvals and customary closing conditions. ORIX, which initially invested in Greenko in March 2021, holds a 20% share in the company, known for its substantial renewable energy operations in India. Greenko boasts an installed capacity of 7.3 GW across solar, wind, and hydroelectric power generation and is developing large-scale pumped storage power generation projects.
- https://www.theweek.in/wire-updates/business/2025/03/11/dcm77-biz-cci-greenko-orix.html – The Competition Commission of India (CCI) has approved AMG Green Power’s proposal to acquire a stake in Greenko Energy Holdings from Orix Corporation. Greenko Energy Holdings operates a portfolio of renewable energy assets, consisting of wind, solar, hydro, and energy storage technologies spread across states in India. The proposed combination envisages the acquisition by AMG Green Power BV of certain shareholding in Greenko Energy Holdings from ORIX Corporation and the issuance of certain convertible notes by AM Green (Luxembourg) S.À.R.L to ORIX.
- https://www.moneycontrol.com/news/business/markets/greenko-founders-to-raise-800-million-to-buy-orix-stake-12914952.html – AM Green Power BV, which has ties to Greenko’s founders, plans to raise an $800 million loan to acquire the stake from Japanese financial group Orix Corp. The loan could have a three-year tenor, and the sale may pose uncertainties to Greenko’s growth plans. Greenko typically relies on equity injections to cover around a quarter of its investments, and AM Green may have less financial ability to support it than Orix.
- https://in.marketscreener.com/quote/stock/ORIX-CORPORATION-6492478/news/AM-Green-Power-B-V-cancelled-the-acquisition-of-20-stake-in-Greenko-Energy-Holdings-from-ORIX-Corp-49722833/ – AM Green Power B.V. entered into a share transfer agreement to acquire a 20% stake in Greenko Energy Holdings from ORIX Corporation for $1.5 billion on January 17, 2025. The Competition Commission of India has approved the acquisition of certain shareholding in Greenko Energy Holdings of ORIX Corporation by AMG Green Power B.V. and subscription of certain convertible notes of AM Green (Luxembourg) S.À.R.L by ORIX Corporation. The expected completion of the transaction is March 31, 2025. As of April 1, 2025, the transaction is expected to close in mid-April 2025.
- https://www.business-standard.com/companies/news/greenko-energy-founders-to-raise-800-million-fund-to-buy-orix-stake-125012000976_1.html – The founders of Greenko Energy Holdings, one of India’s leading clean energy producers, are raising debt to buy a stake in the company. AM Green Power BV, which has ties to Greenko’s founders, plans to raise an $800 million loan to acquire the stake from Japanese financial group Orix Corp. The loan could have a three-year tenor, and the sale may pose uncertainties to Greenko’s growth plans. Greenko typically relies on equity injections to cover around a quarter of its investments, and AM Green may have less financial ability to support it than Orix.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative reports on AM Green BV’s acquisition of a 17.5% stake in Greenko Energy Holdings from ORIX Corporation, with the transaction expected to close in July 2025. This development is recent and has not been widely reported elsewhere, indicating freshness. However, earlier reports from January 2025 mentioned a planned acquisition of a 20% stake, which was later scaled back to 17.5% due to tightening credit markets. ([economictimes.indiatimes.com](https://economictimes.indiatimes.com/markets/stocks/news/greenko-founders-trim-orix-stake-buy-plan-to-raise-610-million/articleshow/121173077.cms?utm_source=openai)) The earlier reports also indicated that the transaction was expected to close by March 2025, but it was later postponed to mid-2025. ([in.marketscreener.com](https://in.marketscreener.com/quote/stock/ORIX-CORPORATION-6492478/news/AM-Green-Power-B-V-cancelled-the-acquisition-of-20-stake-in-Greenko-Energy-Holdings-from-ORIX-Corp-49722833/?utm_source=openai)) These discrepancies suggest that the current narrative may be based on previous press releases, which typically warrant a high freshness score. The earlier versions show different figures, dates, and quotes, indicating potential discrepancies. Additionally, the narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. ([business-standard.com](https://www.business-standard.com/companies/news/greenko-founders-eye-fresh-deal-to-acquire-orix-s-stake-despite-pullout-125051600092_1.html?utm_source=openai))
Quotes check
Score:
7
Notes:
The narrative includes a quote from Anil Chalamalasetty, founder and CEO of AM Green, describing the transaction as a “key milestone in building one of the world’s fully integrated and scalable green energy platforms.” This quote appears to be original and not found in earlier reports. However, without access to the full text of the earlier reports, it’s challenging to confirm the originality of all quotes. The absence of identical quotes in earlier material suggests potential originality, but the possibility of reused content cannot be entirely ruled out.
Source reliability
Score:
6
Notes:
The narrative originates from pv magazine India, a publication focused on the photovoltaic industry. While it is a specialised source, it may not have the same level of credibility as more established outlets like the Financial Times or Reuters. The reliance on a single outlet for this information introduces some uncertainty regarding the reliability of the report.
Plausability check
Score:
8
Notes:
The narrative presents a plausible account of AM Green’s acquisition of a 17.5% stake in Greenko Energy Holdings from ORIX Corporation, with the transaction expected to close in July 2025. The details align with earlier reports from January 2025, which mentioned a planned acquisition of a 20% stake, later scaled back to 17.5% due to tightening credit markets. ([economictimes.indiatimes.com](https://economictimes.indiatimes.com/markets/stocks/news/greenko-founders-trim-orix-stake-buy-plan-to-raise-610-million/articleshow/121173077.cms?utm_source=openai)) The involvement of Deutsche Bank and Barclays in arranging syndicated loans for the financing is consistent with standard financial practices. The narrative also mentions that ORIX has agreed to invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l, aligning with ORIX’s capital recycling strategy. These details are consistent with earlier reports and add credibility to the narrative.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative reports on AM Green BV’s acquisition of a 17.5% stake in Greenko Energy Holdings from ORIX Corporation, with the transaction expected to close in July 2025. While the narrative is recent and includes updated data, it appears to be based on earlier press releases, which may affect its freshness. The reliance on a single, specialised source introduces some uncertainty regarding the reliability of the report. The plausibility of the narrative is supported by earlier reports and standard financial practices. Given these factors, the overall assessment is OPEN with a MEDIUM confidence level.
