AM Green BV (AMG) has signed definitive agreements to acquire a 17.5% equity stake in Greenko Energy Holdings from ORIX Corporation. The acquisition will be made through AMG Power BV, a wholly owned subsidiary of AM Green. Upon completion—expected by July 2025—AMG will hold approximately 25% stake in Greenko, including the existing stake held by AMG’s promoters.
ORIX to Retain Long-Term Exposure via Convertible Note
As part of the transaction, ORIX will also invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l. (AMG Lux), the parent entity that owns all shares of AMG. This investment provides ORIX with continued, long-term exposure to AMG’s growing portfolio of green hydrogen, ammonia, sustainable aviation fuel (SAF), and other next-generation green molecules—while aligning with its capital recycling strategy.
“The transaction is a key milestone in building one of the world’s most integrated and scalable green energy platforms,” said Anil Chalamalasetty, Founder and CEO of AM Green. “We thank ORIX for their continued partnership and belief in our vision,” added Chalamalasetty.
Strategic Synergy with Greenko’s Renewable Backbone
Greenko, one of India’s leading renewable energy companies, operates over 10 GW of renewable and pumped storage capacity. The acquisition allows AM Green to deepen its upstream integration, tapping into Greenko’s strong renewable foundation and infrastructure.
Greenko is also developing the world’s largest Intelligent Energy Storage Cloud Platform, which aims to deliver over 100 GWh of daily storage capacity by 2030—a key enabler for round-the-clock clean energy supply.
Key Highlights of the Acquisition
*25% stake in Greenko, with access to 10 GW+ of operational renewables and 100 GWh daily storage capacity by 2030
*5 MTPA of green ammonia and 1 MTPA of green hydrogen under development
*First 1 MTPA green ammonia project under construction in Kakinada, Andhra Pradesh
*Pipeline includes low-carbon caustic soda, ethanol, SAF, and bio-based chemicals using proprietary Chempolis technology
Building a Fully Integrated Power-to-X Platform
Founded in 2023 by Greenko co-founders Anil Chalamalasetty and Mahesh Kolli, AM Green is one of the largest integrated Power-to-X (P2X) platforms globally. It offers end-to-end industrial decarbonization solutions, including:
*Renewable energy (solar, wind, hydro)
*Long-duration energy storage (pumped hydro)
*Green molecules (hydrogen, ammonia, SAF, methanol, ethanol, low-carbon chemicals)
*Round-the-clock carbon-free power
Green Molecules for Global Markets
AMG’s flagship Kakinada industrial complex, currently under construction, will become the world’s first and largest integrated green industrial zone. It will house:
*2 MTPA green ammonia production
*2 GW electrolyzer gigafactory (via JV with John Cockerill)
*SAF and green chemical production units
AMG has already signed term sheets with international players such as Uniper SE and Yara Clean Ammonia for green ammonia supply and secured the world’s largest PPAs for carbon-free power to support its first two ammonia plants (2 MTPA capacity).
Expanding into Biomass and Circular Bioeconomy
In 2024, AM Green acquired Chempolis, a Finland-based sustainable biomass processing innovator. Chempolis’ low-emission, low-water, zero-waste technology will power AMG’s Bio2X platform, converting agricultural waste into:
*Cellulosic pulp for textiles
*Cellulosic ethanol for SAF
*Bio-based chemicals and materials
The acquisition supports AMG’s mission to decarbonize hard-to-abate sectors and lead the next-generation energy transition.
Greenko’s Pumped Storage Projects Gaining Momentum
As per the press release, Greenko’s 1.7 GW pumped storage project in Andhra Pradesh is already operational. Two more projects—2.5 GW combined capacity in Madhya Pradesh and Karnataka—are slated for commissioning in 2026 and 2027, respectively. These assets will play a key role in balancing renewable power supply and supporting India’s clean energy ambitions.
