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On and off Greenko-Orange deal reemerges - report

The Pavgada solar park in Karnataka, India. Photo by: Greenko (www.greenkogroup.com).

October 8 (Renewables Now) - The previously planned and eventually called off acquisition of Orange Renewables Singapore by India’s Greenko Energy Holdings, is back on track, local media report.

An official announcement of the deal is likely to be made shortly, undisclosed sources familiar with the acquisition told newspaper Mint. At the same time, the Economic Times said that the Orange transaction is "a done deal".

Greenko Energy Holdings said in June it had agreed to acquire Orange Renewables Singapore for a total enterprise value of USD 922 million (EUR 803m). Eventually it was reported that the deal was put off and now the newspapers say it will be implemented at a discount of around USD 75 million, for a total enterprise value of EUR 850 million. The Mint source has said that Greenko is planning to make an equity pay out of around USD 300 million.

Once the Orange transaction is completed, Greenko’s total renewable energy operational capacity will increase from around 1 GW to 4.2 GW.

Greenko Group’s founder, president and joint managing director, Mahesh Kolli, declined to comment when contacted by Mint.

Orange Renewable has negotiated with many suitors, including ReNew Power, however the talks collapsed due to differences over valuation between ReNew Power and the seller -- Singapore’s AT Capital Group, reports Mint.

(USD 1.0 = EUR 0.87)

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