The $922 million acquisition of Orange Renewables Singapore by Mauritius-based Greenko Energy Holdings (GEH) and an additional $447 million equity raise from shareholders is a major positive for the clean energy company, ratings agency Moody’s Investors Service said today.
“GEH’s credit profile will benefit from the cash-flow-generating ability of Orange Renewables assets and the continued demonstration of shareholder commitment and support. The acquisition confirms GEH’s expansion ambitions, which will entail execution risk and funding needs,” Moody’s said in a report issued today.
The clean energy firm will acquire Orange Renewables for a total enterprise value of $922 million, of which, $380 million is for the equity stake and the remainder is debt held by Orange Renewables. The acquisition is fully funded by equity injections from GEH shareholders. Read More