In India’s clean energy project, the single largest foreign investment comes from Japan’ financial services firm, ORIX Corp. which is set to invest $980 million in Greenko Energy Holdings for a ‘significant minority stake’, a person aware of the development informed.

Today, the deal is to be announced, and after that, it will add 873 megawatts (MW) operating wind assets of ORIX to Greenko’s portfolio. It will also add $100 million in Greenko’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in the first year. The deal would estimate Greenko’s equity value at $5.75 billion and Greenko’s enterprise value at $10.2 billion. 

ORIX is a significant player in the renewable energy business of Japan and has one of the largest corporates of solar power generation market in Japan. The additional wind projects that Orix acquired which were listed on NYSE and are from the bankrupt Infrastructure Leasing and Financial Services (IL&FS). It will take GIC Holdings Pte. Ltd and Hyderabad-based Greenko’s portfolio to a near-term capacity of 6.5 GigaWatt (GW).

ADIA backed Greenko is building power storage projects with a total capacity of 7.2 GW across states in India for providing on-demand power from wind and solar projects. It is also partnering with the state-runed NTPC Ltd. for developing ‘round-the-clock’ power supply. The group also wants its presence in the electricity distribution business, and for that, it has submitted its non-binding offer to buy Delhi electricity distribution business of Reliance Infrastructure Ltd.