ORIX Corporation has formalised the signing of a new agreement to transfer 17.5% of its stake in Greenko Energy Holdings to AM Green Power B.V., a wholly owned subsidiary of AM Green B.V. This transaction, amounting to USD 1.28bn (€1.19bn), is accompanied by an investment decision of USD 731mn (€677mn) in a convertible note issued by AM Green (Luxembourg) S.à.r.l, AMG’s parent company. The transaction is expected to be finalised by the end of July, following regulatory approval under Indian competition law, according to ORIX’s official statement dated June 30.
Asset redeployment and capital strategy
This partial divestment enables ORIX to reduce its holding in Greenko from 20% to 2.5% as part of a capital recycling strategy. Greenko Energy Holdings, based in Mauritius, manages a portfolio in India of 7.3 GW of renewable capacity, including solar, wind, and hydroelectric power, as well as pumped hydro storage projects. Since joining the capital in March 2021, ORIX has supported Greenko’s growth in the Indian renewables market.
The Japanese group stated that this operation is aimed at reallocating resources towards next-generation energies, especially green hydrogen and green ammonia. AMG, founded in 2023 by Greenko’s original leadership, develops industrial projects in these areas, as well as manufacturing electrolysis equipment for decarbonised hydrogen production.
AMG accelerates on green ammonia and hydrogen
AM Green plans to produce five million tonnes of green ammonia per year, with the first industrial tranche of one million tonnes under construction in Kakinada, Andhra Pradesh, targeted for commissioning in the second half of 2026. The company has signed binding supply agreements with European groups such as Uniper SE and Yara Clean Ammonia, notably targeting exports to Europe.
The Luxembourg holding AMG also aims to expand its offering to include green hydrogen production, synthetic fuels, and sustainable aviation fuel from biomass. With this new investment, ORIX confirms its intention to broaden its activity within the energy transition value chain while continuing to grow its international portfolio. ORIX also holds 4.7 GW of renewable capacity globally, including the integration of the Spanish firm Elawan Energy S.L. into its assets.
Financial consequences and outlook
According to the exchange rate observed at the end of June, ORIX anticipates a capital gain of around JPY93.4bn (USD 598mn) for the fiscal year ending March 31, 2026, including the revaluation of the remaining 2.5% stake in Greenko. The final impact will depend on exchange rate fluctuations until the transaction closes. The company has not changed its consolidated forecast for the current year, while specifying that an adjustment may be considered depending on the evolution of results and market conditions.
“We will continue to monitor our business performance and changes in the external environment,” stated ORIX in its official release on June 30.
