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