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Bond Market News
Greenko Energy’s Founders to Raise $800mn to Buy Orix Stake
January 21, 2025
The founders of Greenko Energy, a major Indian clean energy producer, are raising an $800mn loan via AM Green Power BV to acquire a 20% stake in the company from Japan’s Orix Corp. The loan could have a 3Y tenor. Some analysts say that the acquisition, valued at $1.46bn, may affect Greenko’s growth plans, as the company usually depends on equity injections for about 25% of its investments. AM Green may have less financial capacity than Orix to support Greenko, they noted. Greenko’s largest shareholder is Singapore’s GIC, holding a 58% stake.
Greenko’s dollar bonds were trading stable with its 4.3% 2028s at 93.6, yielding 6.2%.
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