Renewable energy firm Greenko Energy Holdings is acquiring Pune-based Skeiron Green Renewables’ wind energy assets in Andhra Pradesh and Karnataka.
Skeiron Green Renewables was promoted by Suzlon founder Tulsi Tanti and family, sources said, adding the company was not part of the Suzlon Group. The deal, involving 385 MW wind assets in the two States, is likely to be completed within this week, they said.
Orange acquisition
Earlier on Monday, Greenko, in a statement, announced the completion of the Orange Renewables acquisition as well as signing of the definitive purchase agreement for Skeiron Green Renewables.
The combined deal of Orange and Skeiron will add about 1,300 MW operating and near-completion wind and solar assets and increase Greenko’s overall operational capacity to about 4.5 GW of well diversified and de-risked portfolio of wind, solar and hydro.
Greenko has an additional under-construction capacity of more than 8 GW largely integrated renewable energy projects. The deal would add approximately $200 million to Greenko’s EBITDA in the first full year after close.
In June, Greenko had announced the signing of a definitive purchase agreement for Orange Renewables Singapore for a total enterprise value of about $922 million.
“The proposed acquisition of Skeiron and completion of Orange Renewable assets are expected to drive capacity, revenue, EBITDA and overall earnings growth potential for Greenko and its stakeholders,” said Anil Chalamalasetty, managing director and CEO, Greenko.
Indian energy markets were transitioning from deficit markets to demand-driven contracts requiring reliable, flexible and cost- competitive energy. Greenko is focused on building integrated renewable energy assets with storage that can compete with conventional energy assets like thermal in quality, quantity and cost, he said.
