.jpg)
7 hours ago
2
Article content
(Bloomberg) — Orix Corp. will sell most of its stake in Greenko Energy Holdings back to the Indian clean energy producer’s founders for $1.28 billion.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Tokyo-based Orix agreed to transfer a 17.5% holding in Greenko, out of its total ownership of 20%, to AM Green Power BV, which was established by the founders of Greenko, according to a statement on Monday. Orix will also invest about $731 million in a convertible note issued by parent company AM Green (Luxembourg) Sarl.
Article content
Article content
Article content
Orix shares gained as much as 3.6% in Tokyo on Monday, their biggest intraday gain since April 10.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
AM Green aims to produce 5 million tons of green ammonia annually, and has the first 1 million tons-a-year project under construction in the coastal town of Kakinada in the state of Andhra Pradesh, the company said in a statement. The complex will also house a 2-gigawatt electrolyzer manufacturing factory as well as units to produce green chemicals, including sustainable aviation fuel.
Article content
Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here.
Article content
With Monday’s deal, AM Green and its founders will own about 25% of Greenko, which is on track to build 10 gigawatts of renewable capacity and 100 gigawatt hours of daily storage capacity by 2030, according to the statement.
Article content
Orix originally agreed to sell its entire stake in Greenko in January, but the pact was terminated by the Japanese company in April. The buyers had failed to agree with funding partners over financing of the transaction, Orix said at the time.
Article content
Article content
—With assistance from Rajesh Kumar Singh.
Article content
(Adds details about AM Green and Greenko plans in fourth and fifth paragraphs.)
Article content
English (US)