Greenko, backed by Singapore’s GIC and Abu Dhabi Investment Authority, is close to striking a deal to purchase wind and solar energy producer Orange Renewables for an enterprise value of about $1 billion, said people with knowledge of the matter.
Having entered into exclusive negotiations with Delhi-based Orange, Greenko is likely to make a formal announcement by this month-end, said the people cited above. The acquisition, if it goes ahead, will help the Hyderabadheadquartered company increase its operating portfolio to about 4 gigawatts from 3.2 gw, making it the largest clean energy provider in the country, overtaking ReNew Power, which has a commissioned and planned capacity of 3.2 gw of wind and solar projects.
Orange is owned by Singapore based AT Capital, a fund that has India-born billionaire Arvind Tiku as its primary sponsor. Based in Russia, Tiku made his fortune in the Central Asian oil and gas industry. Read More…
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