AM Green Acquires 17.5% Stake in Greenko Energy Holdings from ORIX

AM Green BV has signed definitive documents to acquire a 17.5% equity stake in Greenko Energy Holdings from ORIX Corporation through its wholly owned subsidiary AM Green Power BV. The transaction, set to close in July 2025, will bring AM Green's total ownership in Greenko to approximately 25% when combined with existing promoter holdings.

As part of the deal, ORIX has agreed to invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l, the parent company of AM Green. This investment provides ORIX with long-term exposure to green hydrogen, ammonia, sustainable aviation fuel and other next-generation molecules, aligning with the Japanese corporation's capital recycling strategy.

AM Green, founded in 2023 by Greenko co-founders Anil Chalamalasetty and Mahesh Kolli, operates as a fully integrated Power-to-X platform. The company focuses on end-to-end industrial decarbonization solutions including renewable power generation, long-duration storage, carbon-free power supply, and green molecule production.

The acquisition strengthens AM Green's upstream integration through Greenko, which operates over 10 GW of renewable and pumped storage assets across India. Greenko is developing what it calls the world's largest "Intelligent Energy Storage Cloud Platform" with over 100 GWh of daily storage capacity targeted for 2030.

Key Transaction Highlights

• AM Green's total Greenko ownership reaches approximately 25% post-transaction
• ORIX gains long-term exposure to green hydrogen and ammonia markets through convertible note
• Transaction aligns with ORIX's capital recycling strategy for renewable energy investments
• Deal strengthens AM Green's integrated Power-to-X platform capabilities

AM Green has outlined plans to produce 5 million tonnes per annum of green ammonia by 2030, with its first 1 MTPA project currently under construction in Kakinada, Andhra Pradesh. The company has secured supply agreements with industrial and power companies in OECD markets, including Uniper SE and Yara Clean Ammonia.

The Kakinada industrial complex, described as the world's first integrated green industrial zone, will house 2 MTPA of green ammonia production, a 2 GW electrolyzer manufacturing facility, and production units for sustainable aviation fuel and green chemicals.

In 2024, AM Green acquired Chempolis, a Finland-based company specializing in sustainable biomass processing technology. This acquisition supports AM Green's Bio2X platform, enabling the conversion of agricultural residues and non-food biomass into products such as cellulosic pulp, ethanol, and bio-based chemicals.

Greenko's operational assets include a 1.7 GW pumped storage project in Andhra Pradesh that has been commissioned, with additional projects totaling 2.5 GW in Madhya Pradesh and Karnataka expected to come online in 2026 and 2027 respectively.

ORIX Corporation, established in 1964, operates across multiple sectors including financing, investment, life insurance, banking, and renewable energy. The company has expanded globally since 1971 and now operates in approximately 30 countries with around 34,000 employees.

The transaction represents a significant development in India's renewable energy sector, positioning AM Green as a major player in the global transition to clean energy solutions. The deal also reflects growing investor confidence in green hydrogen technologies and integrated renewable energy platforms.