AM Green BV, through its wholly owned subsidiary AM Green Power BV, has signed definitive agreements to acquire a 17.5% equity stake in Greenko Energy Holdings from ORIX Corporation. With this transaction expected to close in July 2025, AM Green will hold approximately 25% ownership in Greenko, including the promoter’s existing stake.
Alongside the equity deal, ORIX will also invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l, the parent company of AM Green. This investment allows ORIX to gain long-term exposure to the fast-growing green hydrogen, green ammonia, sustainable aviation fuel (SAF), and other next-generation energy sectors, in line with its strategy to recycle capital into future-focused industries.
This acquisition enhances AM Green’s upstream integration by deepening its partnership with Greenko, a leading renewable energy company in India. Greenko currently operates over 10 GW of renewable and pumped storage assets and is developing what will become the world’s largest “Intelligent Energy Storage Cloud Platform,” with over 100 GWh of daily storage capacity targeted for completion by 2030.
Anil Chalamalasetty, Founder and CEO of AM Green, stated, “This transaction is a key milestone in building one of the world’s fully integrated and scalable green energy platforms. We thank ORIX for their continued partnership and belief in our vision.”
Founded in 2023 by Greenko’s co-founders Anil Chalamalasetty and Mahesh Kolli, AM Green (AMG) is one of the largest fully integrated Power-to-X (P2X) platforms globally. AMG is developing end-to-end decarbonization solutions, including access to renewable energy sources such as solar, wind, and hydro, as well as long-duration energy storage through pumped hydro. The company is also focused on the production of green molecules like hydrogen, ammonia, SAF, and low-carbon chemicals.
AMG aims to produce 5 million tonnes per annum (MTPA) of green ammonia, with its first 1 MTPA project under construction in Kakinada, Andhra Pradesh. The company has already signed green ammonia supply term sheets with global energy firms such as Uniper SE and Yara Clean Ammonia. It has also secured large-scale power purchase agreements for its first two green ammonia projects, ensuring a round-the-clock supply of carbon-free electricity. In addition, AMG benefits from access to electrolyzers through its joint manufacturing venture with John Cockerill.
The company is actively participating in Indian green hydrogen supply tenders and is well-positioned to capture a significant market share due to its cost-competitive power supply, access to key technologies, and a highly experienced team. AMG is also advancing late-stage development projects for low carbon caustic soda, methanol, sustainable aviation fuel, and bio-based chemicals.
AM Green’s flagship Kakinada industrial complex is set to become the world’s largest integrated green industrial zone. It will feature 2 MTPA of green ammonia production capacity, a 2 GW electrolyzer gigafactory, and facilities for SAF and green chemical production. In 2024, AMG acquired Chempolis, a Finland-based company known for its sustainable biomass processing technology. This acquisition supports AMG’s Bio2X platform and enables the conversion of agricultural residues into high-value products like cellulosic pulp, ethanol, and bio-based chemicals, contributing to a circular bioeconomy.
Greenko’s renewable infrastructure will play a key role in supporting AMG’s ambitions. Its 1.7 GW pumped storage project in Andhra Pradesh is already operational, with two more projects, 2.5 GW combined in Madhya Pradesh and Karnataka scheduled for commissioning in 2026 and 2027. Together, these developments reinforce AM Green’s position as a key player in India’s and the global green energy transition, with a focus on integrated, scalable, and technology-driven solutions for industrial decarbonization.
