The transaction will give co-founders Anil Chalamalasetty and Mahesh Kolli control of an additional 17.5% stake in Greenko
A slew of renewable energy players opted out of the state between 2019 and 2023, but the Chandrababu Naidu administration is trying to change that with a new clean energy policy. Project approvals and land for ReNew's 2.5 GW project with 1 GWh of battery storage was cleared by the government in four months.
Anil Chalamalasetty and Mahesh Kolli have received the commitments from Keppel Credit, SeaTown Holdings International, BlackRock Inc., Ares Management Corp., and Nomura Holdings Inc.
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 Singapore state investor is moving ahead with preparations for a potential deal that could involve a full or partial sale of its holding in Greenko, the people said, asking not to be identified because the deliberations are private.
The project, which will see its first phase operational by the second half of 2026, involves the establishment of a green hydrogen generation unit and its conversion into green ammonia.
AM Green plans to pick up a 50 percent stake in Assam Bio Refinery Pvt Ltd and acquire Finland-based biotechnology firm Chempolis Oy