India's Greenko agreed to buy Orange Renewable for $1 billion

Greenko Group founder Mahesh Kolli said Greenko Group has agreed to buy its renewable energy platform Orange Renewable
in India from Singapore's AT Capital Group for $1 billion.

Mahesh Kolli said Greenko, backed by sovereign wealth fund GIC Holdings Pte Ltd and the Abu Dhabi Investment Authority, would pay out about $300 million in equity
.

Once the transaction closes, Greenko's total renewable energy operating capacity will increase by 1 gigawatt (GW) to 4.
2 GW, which is second
in India after ReNew Power Ventures Pvt.
In addition, the company has 600 megawatts (MW) of clean energy projects
under construction.

Kolli said in an interview: "The acquisition of Orange will immediately add value to Greenko
.
”

Orange Renewable, a subsidiary of AT Holdings Pte Ltd, is one of
India's largest renewable energy platforms.

In 2016, Greenko acquired SunEdison's Indian assets, including debt,
for an enterprise value of $392 million.
Another big deal in India's renewable energy sector included Tata Energy Ltd's acquisition of Welspun Energy Ltd's entire 1.
1 GW renewable energy portfolio
in June 2016 for US$1.
4 billion.

Orange Renewable's assets have a number of bidders, including ReNew Power
, India's largest renewable energy company.
The talks collapsed
due to valuation discrepancies between ReNew Power and AT Capital.