AM Green Group Acquires Stake in Greenko Energy Holdings from ORIX

AM Green BV (“AMG”) has signed definitive documents to acquire 17.5% equity stake in Greenko Energy Holdings (“Greenko”) from ORIX Corporation (“ORIX”), through its wholly owned subsidiary AM Green Power BV (“AMG Power”). AMG will own ~25% stake (along with AMG promoter’s current stake) in Greenko post-closing of this transaction in July 2025.

As part of this transaction, ORIX has also entered into an agreement to invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l ("AMG Lux"), the parent company that holds all shares of AMG. This investment will provide ORIX long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy.

“This transaction is a key milestone in building one of the world’s fully 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.”

ORIX stake acquisition strengthens AM Green’s upstream integration through Greenko, one of India’s leading renewable energy companies, operating over 10 GW of renewable and pumped storage assets. Greenko is on track to build the world’s largest “Intelligent Energy Storage Cloud Platform” with over 100 GWh of daily storage capacity by 2030.

Key highlights of the Acquisition

• 25% stake in Greenko, a platform with 10 GWs of operational renewables capacity and 100 GWh of daily storage capacity on track to be online by 2030;
• 5 MTPA of Green Ammonia and 1 MTPA of Green Hydrogen planned capacity with first 1 MTPA green ammonia project under construction;
• Late-stage development projects for low carbon caustic soda, SAF, ethanol and bio-based high value products (using its proprietary Chempolis tech).

Founded in 2023 by Greenko co-founders, Anil Chalamalasetty and Mahesh Kolli, AMG is one of the largest fully integrated Power-to-X (P2X) platform with access to end to end industrial decarbonization solutions including renewable power (solar, wind, hydro), long-duration storage (pumped hydro), most competitive round the clock carbon free power and green molecules (green hydrogen, green ammonia, low carbon caustic soda, ethanol, and sustainable aviation fuel.

AMG has plans to produce 5 million tonnes per annum (MTPA) of green ammonia, with the first 1 MTPA project under construction in Kakinada (in Andhra Pradesh, India). AMG has also signed green ammonia supply term sheets with several industrial and power companies in the OECD markets including Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia. AMG has also signed globally the largest power purchase agreements for supply of round the clock carbon free energy for its first 2 MTPA green ammonia projectsand has access to electrolyzers through its manufacturing JV with John Cockerill.

AMG is participating in the Indian green hydrogen supply tenders and is on track to capture sizable share due to its access to highly cost competitive green power, electrolyzers and a very experienced team. AMG is also in late-stage development to produce low carbon caustic soda, synthetic fuels such as methanol, high value chemicals as well as SAF (Sustainable Aviation Fuel) using biomass-derived raw materials, and to become a platform company that builds a value chain for next generation energy.

AM Green’s Kakinada industrial complex, currently under construction, will be the world’s first and largest integrated green industrial zone. It will house 2 MTPA of green ammonia production, 2 GW electrolyzer gigafactory and facilities for SAF and green chemical production.

In 2024, AMG acquired Chempolis, a Finland-based innovator in sustainable biomass processing, to support its Bio2X platform. Known for its low-emission, low-water, and zero-waste process, Chempolis technology offers a scalable solution for circular bioeconomy applications, aligning with AM Green’s commitment to decarbonization.

This technology enables AM Green to convert agricultural residues and other non-food biomass into high-value products such as cellulosic pulp (key input for textile industry), cellulosic ethanol (key input for sustainable aviation fuel (SAF), bio-based chemicals, and other biomaterials.

Greenko’s flagship 1.7 GW pumped storage project in Andhra Pradesh has already been commissioned with its next 2 pumped storage projects in Madhya Pradesh and Karnataka (2.5 GWs) are expected to be commissioned in 2026 and 2027 respectively.

Coal India and AM Green Aim for India’s Largest RE Supply Contract

In what would be one of the world’s largest renewable energy contracts, Coal India Limited (CIL), plans to supply 4500 MW or 4 GW of carbon-free energy, in phased manner, to upcoming green ammonia facilities of AM Green. It would be through a combination of solar and wind whose capacities CIL aims to set up on pan India basis. This initiative aligns with India’s national goal of achieving a cleaner energy mix and transition towards net-zero emissions.

A formal non-binding memorandum of understanding (MoU), for long-term supply and sourcing of renewable energy, was inked on 7th May between the two entities.

While the solar power capacity would be to the tune of 2500 MW to 3000 MW, wind is expected to account between 1500 MW and 2000 MW at an estimated total outlay of around Rs. 25,000 Crores. Potential sites for wind projects will be explored in the southern states of the county. And, for solar plants in the sunny states like Gujarat and Rajasthan.

AM Green will integrate the two renewable sources supplied by CIL with pumped hydro storage to ensure a steady supply of green energy to AM Green facilities.

“While coal remains our mainstay in meeting India’s expanding energy needs in the near term, our plans include a proactive role in building a greener and more sustainable future. This is in consonance with our commitment to become country’s integrated energy provider” said P M Prasad, CIL’s Chairman.

AM Green promoted by the founders of Greenko, one of India’s leading energy transition solutions providers, targets to produce 5 million tons per annum (MTPA) of green ammonia by 2030. This equals approximately 1 MTPA of green hydrogen and represents a fifth of India’s target for green hydrogen production under the National Green Hydrogen Mission.

Anil Chalamalasetty, Founder of the Hyderabad based Greenko Group & AM Green, said, “We are delighted to partner with CIL on one of the world’s largest carbon-free, renewable energy supply contracts. We aim to become one of the most cost-competitive producers of green hydrogen, green ammonia, and other green molecules in the world”.

The agreement was signed by Sudarsan Bora, GM (E&M) representing CIL while his counterpart from AM Green was Shatanshu Agrawal, Sr. Vice President – Business Development. Present were P M Prasad, Chairman, CIL, Mukesh Choudhary, Director (Marketing) CIL and Anil Kumar, GM (MM & Solar) CIL.

About AM Green: AM Green is promoted by founders of Greenko Group, which is among India's leading renewable energy conglomerates. Greenko Group has experience in building, owning and operating renewable assets and is in the process of constructing mega closed loop pumped storage assets which will enable supply of round the clock power at a very competitive rate. The founders have established AM Green as a new energy transition platform. AM Green's target is to produce Sustainable Aviation Fuel, Green Ammonia, Green Hydrogen, Green Chemicals and biofuels and to set up related technology partnerships and services through its various business verticals which are housed in the subsidiaries of AM Green.

AM Green will house production of green chemicals, green hydrogen, and biofuels. AM Green is committed to producing green ammonia at scale across multiple locations in India. Goal is to reach 5 MTPA of green ammonia capacity by 2030, which will directly contribute to India's net-zero targets, while simultaneously supporting OECD markets in their decarbonization efforts. This output will be equivalent to 1 MTPA of green hydrogen, representing one-fifth of India's target for green hydrogen production and 10% of Europe's target for green hydrogen imports.