Indian renewable energy developer Greenko Energy Holdings has signed an agreement to acquire Orange Renewables Singapore.

The $922m deal will see Greenko’s portfolio of renewable energy assets leap to 4 GW.

The company already has a portfolio of 907 MW in solar and wind assets and more than 500MW assets in pipeline. The deal will bring Greenko’s existing more than 3 GW portfolio to about 4GW of well diversified and de-risked portfolio of wind, solar and hydro.
Greenko’s overall under-construction capacity in addition to 4GW of operational capacity is more than 7GW. This takes the total capacity to about 11GW.

Greenko managing director and CEO Anil Chalamalasetty said: “Indian Energy Markets are transitioning from deficit markets to demand driven contracts requiring reliable, flexible and cost competitive energy. Greenko is focussing in building integrated renewable energy assets with storage to address these markets by competing with conventional energy assets like thermal in quality, quantity and cost.”

Separately, Greenko has raised equity financing of $447m from affiliate of GIC and an entity that is owned by the Abu Dhabi Investment Authority (ADIA).

Currently, Orange has 750MW wind and solar power plants in operation in India, while another 250MW of projects are under construction.  The operational plants are spread across five Indian states including Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan and Maharashtra, The Economic Times reported.