AM Green promoters buy 17.5% stake in Greenko from Japan’s ORIX in $1.4 billion deal

Hyderabad‑based energy platform AM Green (AMG), promoted by renewable energy major Greenko co‑founders Anil Chalamalasetty and Mahesh Kolli, is acquiring a 17.5% equity stake in Greenko Energy Holdings from Japanese financial group ORIX Corporation. Though the companies did not disclose the value of the deal, sources said it is worth about $1.4 billion, valuing Greenko Energy at $7.5 billion.

AMG will own a 25% stake (together with the promoters' current stake) in Greenko following the closing of this transaction in July. As part of this transaction, ORIX has also agreed to invest in a convertible note issued by AM Green’s parent company that holds all the shares of AMG. This investment will give ORIX long‑term exposure to green hydrogen, ammonia, SAF and other next‑generation molecules, aligning with its capital‑recycling strategy.

“This transaction is a key milestone in building one of the world’s fully integrated and scalable green‑energy platforms,” said Anil Chalamalasetty, founder and CEO of AM Green.

ORIX's stake acquisition strengthens AM Green’s upstream integration through Greenko, one of India’s leading renewable‑energy companies, operating over 10 GW of renewable and pumped‑storage assets. Greenko is on track to build the world’s largest “Intelligent Energy Storage Cloud Platform” with over 100 GWh of daily storage capacity by 2030.

The deal will help AM Green hold a 25% stake in Greenko, a platform with 10 gigawatts (GW) of operational renewable capacity and 100 GWh of daily storage capacity on track to be online by 2030. AMG plans to produce 5 million tonnes per annum (MTPA) of green ammonia, with the first 1 MTPA project under construction in Kakinada, Andhra Pradesh. It also has late‑stage development projects for low‑carbon caustic soda, SAF, ethanol and bio‑based high‑value products (using its proprietary Chempolis technology).

Founded in 2023 by Greenko co‑founders Anil Chalamalasetty and Mahesh Kolli, AMG is one of the largest fully integrated Power‑to‑X (P2X) platforms, with access to end‑to‑end industrial decarbonisation solutions, including renewable power (solar, wind, hydro), long‑duration storage (pumped hydro), highly competitive round‑the‑clock carbon‑free power, and green molecules (green hydrogen, green ammonia, low‑carbon caustic soda, ethanol and sustainable aviation fuel).

AMG has also signed green‑ammonia supply term sheets with several industrial and power companies in OECD markets, including Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia. AMG has also signed the world’s largest power‑purchase agreements for the supply of round‑the‑clock carbon‑free energy for its first 2 MTPA green‑ammonia projects and has access to electrolysers through its manufacturing joint venture (JV) with John Cockerill. AMG is also in late‑stage development to produce low‑carbon caustic soda, synthetic fuels such as methanol, high‑value chemicals and SAF (sustainable aviation fuel) using biomass‑derived raw materials, and to become a platform company that builds a value chain for next‑generation energy.

AM Green’s Kakinada industrial complex, currently under construction, will be the world’s first and largest integrated green industrial zone. It will house 2 MTPA of green‑ammonia production, a 2 GW electrolyser gigafactory and facilities for SAF and green‑chemical production.

Greenko’s flagship 1.7 GW pumped‑storage project in Andhra Pradesh has already been commissioned, with its next two pumped‑storage projects in Madhya Pradesh and Karnataka (2.5 GW) expected to be commissioned in 2026 and 2027, respectively.