Greenko founders secure $800 million loan commitments

The founders of Greenko Energy Holdings in India have obtained loan commitments totaling $800 million. This funding will help them buy a 20% stake in their company. Multiple lenders are involved, including Keppel Credit, SeaTown Holdings, BlackRock, Ares Management, and Nomura. Anil Chalamalasetty and Mahesh Kolli, the founders, plan to use the loan through a separate entity named AM Green Power BV. They aim to acquire the stake from Japanese financial group Orix Corp for $1.46 billion. Once finalized, this loan will be one of the largest private credit deals in India for 2025. The loan is divided into two parts and is expected to offer low double-digit yields. It has a two-year duration with an option for early repayment on the smaller portion in nine months. Barclays and Deutsche Bank are helping arrange the loan. Greenko Energy is dealing with challenges, including a recent acquisition of a troubled hydroelectric project and ongoing ownership discussions with its largest investor, GIC Pte., which holds a 58% stake. The broader renewable energy sector in India is also facing issues related to bribery allegations in solar projects. Several parties involved have not commented on the deal. Greenko, AM Green Power, and BlackRock have not responded to inquiries.