In a landmark move for India’s clean energy landscape, AM Green B.V., the clean energy venture led by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli, has signed a definitive agreement to acquire a 17.5% stake in Greenko Energy Holdings from Japanese financial giant Orix Corporation. The $1.4 billion transaction places Greenko’s enterprise valuation at approximately $7.5 billion, making it one of the largest green energy deals in Indian history.
But this is more than just another capital realignment. It’s a signal of what the next era of fully integrated, molecule-to-market decarbonization infrastructure could look like—and AM Green wants to lead that charge.
Deal Breakdown: Cash, Convertible Notes, and Strategic Realignment
Under the terms of the agreement:
- Orix will receive $650 million in cash and $750 million in convertible notes, translating to a 10% equity stakein AM Green (Luxembourg) S.à.r.l.
- Orix will retain a 2.5% stake in Greenko for now, with AM Green holding a call option to acquire that as well within 18 months.
- Once closed, Chalamalasetty and Kolli will collectively hold 28% of Greenko (via personal holdings and AM Green), while GIC and ADIA will maintain their majority and minority positions respectively (58% and 14%).
Strategic Context: Capital Recycling and Global Scale
Orix’s move is part of a broader capital recycling strategy, as it shifts focus toward next-generation energy assets, including green hydrogen, ammonia, and molecules critical to decarbonizing industrial sectors.
For AM Green, the stake consolidation and new inflow of capital represent a foundational step in building a global-scale green fuels platform capable of producing 5 million tonnes per annum of green ammonia, with the first 1 mtpa facility in Kakinada targeted for 2026.
Why This Deal Matters
1. From Infrastructure to Industry
This isn’t just a renewable energy play—this is infrastructure feeding industrial demand. AM Green isn’t aiming to sell power to the grid. It’s building decarbonization inputs for hard-to-abate sectors like fertilizers, fuels, maritime shipping, and aviation.
2. Strategic Asset Recycling, Done Right
Orix’s ability to cash out of one arm (Greenko) and reinvest into the growth-oriented limb (AM Green) shows a mature ecosystem approach. This is what capital efficiency looks like in green energy: harvest profits, replant into value-creating next-gen vectors.
3. Building India’s Clean Molecule Backbone
With hydrogen, biofuels, e-methanol, and aviation fuels all on the roadmap, AM Green is positioning itself not just as a clean power provider—but as the molecular spine of India’s green industrial revolution.
What’s Next?
AM Green is aggressively expanding:
- Two bioethanol plants in India with $1B investment
- A 2 GW electrolyzer gigafactory with John Cockerill in Kakinada
- Strategic offtake partnerships with global players like Yara, Keppel, and Uniper
- Acquisitions in biotech and bio-refining, including Finnish-based Chempolis Oy and Assam Bio Refinery Pvt. Ltd.
The next 24 months will be critical, as AM Green aims to become India’s first fully-integrated green molecules powerhouse—and one of the few in the world that can control everything from generation and conversion to downstream industrial partnerships.
