The $1-billion deal involving Greenko’s acquisition of the wind and solar energy assets of Orange Renewables has hit a roadblock and could be shelved, sources familiar with the development said.
The deal would have hoisted Greenko, backed by Singapore’s GIC and Abu Dhabi Investment Authority, to the top league in India’s renewable energy space and made it the country’s second-largest company in the domain, trailing Sumant Sinha-led ReNew Power that has the highest capacity.
If the deal is called off, it would mark a pause in the hectic pace of M&A activity in the renewable energy space, which revved up to a new high recently with Goldman Sachsbacked ReNew Power acquiring renewable assets of Ostro Energy for $1.6 billion. The deal positioned Re-New as the largest renewable energy firm in India. Read more
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