Greenko Energy to purchase assets of Skeiron Green Renewables

City-based Greenko Energy Holdings, a renewable energy company, announced Monday that it has signed a pact to buy the assets of Pune-based Skeiron Green Renewables in Andhra Pradesh and Karnataka. 

Also, Greenko said it has already acquired Orange Renewables as was proposed in June, a senior official of Greenko said. The combined deal of Orange and Skeiron would add 1,300 MW of wind and solar power to the overall operational capacity of Greenko to 4.5 GW of wind, solar and hydroelectricity, a press release said. 

Greenko has an additional capacity of generating over 8 GW from integrated renewable energy projects, which would take the total operating capacity to about 12 GW to become a leader in the new energy sector in the country, the release said. 

"The deal will add nearly USD 200 million to EBITDA (earnings before interest, tax, depreciation and amortisation) of Greenko in the first full year after close, with further accretion and growth anticipated thereafter," it said. 

The proposed acquisition of the assets of Skeiron and Orange Renewable was expected to drive capacity, revenue, EBITDA and overall earnings growth potential of Greenko and its stakeholders, the release said. 

Greenko has been focusing on building integrated renewable energy assets with storage, which can compete with conventional energy assets like thermal in quality, quantity and cost, the release quoted managing director and chief executive officer of Greenko Anil Chalamalasetty as saying.

(With inputs from agencies.)