Greenko Group Revenue, Valuation, Funding & Investors

Greenko Group is valued at $7.5B as of June 2025.

Last Greenko Group valuation

$7.5B

Secondary · Jun 2025

Last Greenko Group funding round

$700M

Undisclosed stage · Mar 2023

Greenko Group revenue

$723M

Undisclosed stage · Mar 2023

Key investors in Greenko Group

  • GIC
  • Abu Dhabi Investment Authority
  • ORIX
  • Anil Kumar Chalamalasetty
  • Mahesh Kolli
  • AM Green Group

Greenko Group Overview

About Greenko Group

Greenko Group is a Hyderabad-headquartered independent power producer developing renewable energy assets across India. Listed on the London Stock Exchange's AIM market, the company operates wind, solar, hydropower, natural gas, and biomass plants. Founded in 2006, Greenko pursues greenfield projects to expand its portfolio in response to India's power demand growth.


Founded

2004

HQ

IndiaHyderabad

Status

Privately held

Customer focus

B2B

Revenue model

Usage-based

Revenue

$723M (Mar 2023)

Valuation

$7.5B (Jun 2025)

Greenko Group Valuation

Greenko Group is currently valued at $7.5B, based on its secondary sale in June 2025.

The $1.4B round was led by AM Green Group.

Greenko Group's valuation has grown 7.5x from $1B at its undisclosed-stage round in June 2016 to $7.5B in June 2025, across 8 priced rounds.

Greenko Group valuation by funding round

Revenue multiple
Greenko Group valuation by funding round
DateStageValuationRevenue Multiple
Jun 2025Secondary$7.5B-
Mar 2023Undisclosed stage$7B9.7x
Sep 2020Undisclosed stage$4.9B-
Jul 2019Undisclosed stage$5.2B-
Jun 2019Undisclosed stage$6B-
Jun 2018Undisclosed stage$1B-
Mar 2017Undisclosed stage$1B-
Jun 2016Undisclosed stage$1B-

Greenko Group Revenue

Greenko Group's latest recorded revenue is $723M, as of its undisclosed-stage round in March 2023. At a $7B valuation, that implies a 9.7x revenue multiple.

Greenko Group revenue by funding round

Greenko Group revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Mar 2023$723M$7B9.7xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Greenko Group Funding History

Greenko Group has raised a total of $3.3B across 7 funding rounds, plus 1 secondary share sale.

Greenko Group's first fundraising round was a $230M undisclosed-stage round in June 2016. The most recent completed round was a $700M undisclosed-stage round in March 2023.

Greenko Group funding rounds

Greenko Group funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2025SecondaryAM Green Group (lead)$1.4B$7.5BGreenko Group operates a leading renewable energy platform in India with over 10 GW of operational renewable capacity and pumped storage assets, on track to develop the world’s largest Intelligent Energy Storage Cloud Platform with more than 100 GWh of daily storage capacity by 2030. AM Green Group, founded by Greenko co-founders Anil Chalamalasetty and Mahesh Kolli, is building a fully integrated Power-to-X platform including green hydrogen, green ammonia, sustainable aviation fuels, and biofuels, with plans to produce 5 million tonnes per annum of green ammonia by 2030 and its first 1 MTPA project under construction in Kakinada, Andhra Pradesh. AM Green BV, through its subsidiary AM Green Power BV, signed definitive agreements on June 30, 2025, to acquire a 17.5% equity stake in Greenko Energy Holdings from ORIX Corporation for approximately $1.4 billion, valuing Greenko at $7.5 billion. Post-closing in July 2025, AM Green along with its promoters will hold approximately 25% stake in Greenko. ORIX is also investing in a convertible note in AM Green’s parent company for about $731 million to $750 million, securing around 10% equity exposure to AM Green’s green molecules business. This transaction strengthens AM Green’s upstream integration with Greenko’s renewable assets and aligns with ORIX’s capital recycling strategy into next-generation energy sectors. Greenko’s major shareholders include GIC at 58% and Abu Dhabi Investment Authority at 14%. AM Green has secured supply term sheets for green ammonia with Uniper SE and Yara Clean Ammonia, and long-term power purchase agreements for round-the-clock carbon-free energy.
Mar 2023Undisclosed stageORIX; Abu Dhabi Investment Authority; GIC; Anil Kumar Chalamalasetty; Mahesh Kolli$700M$7BGreenko Group, a Hyderabad-based renewable energy producer, raised $700 million through a rights issue from existing investors including GIC (52% owner), founders Anil Chalamalasetty and Mahesh Kolli (12%), Abu Dhabi Investment Authority (14%), and ORIX, valuing the company at $7 billion as of early March 2023. This rights issue maintained the current shareholding structure and positioned Greenko as India's second-most valuable renewable power company after Adani Green. At the time of the round, Greenko's operating portfolio stood at 7.3 GW across 114 projects in 15 states. For FY23 ended March 31, 2023, the company reported consolidated revenue of $723.05 million and EBITDA of $570.24 million, reflecting growth in its wind, solar, and hydro segments. The company was also repaying $1 billion in bonds using bridge loans and internal cash flows, while ramping up capex for integrated renewable energy storage projects (IRESPs) requiring $2 billion through FY25.
Sep 2020Undisclosed stageORIX (lead)$980M$4.9BGreenko Energy Holdings is a leading renewable energy company in India with a diversified portfolio spanning wind, solar, and pumped hydro storage projects. The company had operating capacity of approximately 6.5 GW at the time of this transaction, with an additional 8+ GW under construction from its Integrated Renewable Energy Projects (IREP) initiative, positioning it as India's largest renewable energy developer. On September 11, 2020, ORIX Corporation agreed to invest USD 980 million through primary and secondary share purchases to acquire approximately 20-21.8% of Greenko's issued shares, valuing the company's equity at USD 5.75 billion. As part of the transaction, ORIX contributed its India wind energy business comprising 873 MW of operating capacity to Greenko's portfolio. The investment was expected to contribute approximately USD 100 million in EBITDA in the first full year following close, driven by the integrated wind assets and ORIX's long-term commitment to India's renewable energy sector.
Jul 2019Undisclosed stageAbu Dhabi Investment Authority (lead); GIC (lead)$329M$5.2BGreenko Group is one of India's leading renewable energy companies, specializing in wind, solar, and hydro projects, with an operational capacity of over 4.2 GW (DC capacity 4.7 GW) as of mid-2019 and more than 7 GW under construction. The company is pivoting towards integrated renewable energy projects (IREP) with storage, including 2.4 GW of storage projects with a $2 billion capital outlay, expected operational by 2022, to provide schedulable power competing with thermal assets. In July 2019, Greenko announced a primary equity raising of $824 million via rights issue from affiliates of GIC and Abu Dhabi Investment Authority (ADIA), building on a prior $495 million infusion in June 2019, with funds allocated to IREP capex and opportunistic acquisitions. This July 2019 round followed earlier investments by the same investors, including $447 million in 2018 and $155 million previously, bringing total commitments from GIC and ADIA to around $2 billion, with GIC maintaining majority shareholding at over 60%. Sources from early 2019, such as February reports on a $550 million infusion, indicate Greenko's enterprise valuation reached $5.2 billion when combined with $3.2 billion in debt, a figure reiterated in June 2019 contexts ahead of the full $824 million close. Greenko has pursued aggressive expansion through acquisitions like Skeiron Green Renewables, 907 MW from Orange Renewables, and Pennar Renewables, alongside projects like the 200 MW Poovani wind farm. The company aims to deliver over 15 billion units of schedulable power generation.
Jun 2019Undisclosed stageAbu Dhabi Investment Authority (lead); GIC (lead)$495M$6BGreenko Group is one of India's leading renewable energy companies, specializing in wind, solar, and hydro projects with an operational capacity of over 4.2 GW (DC capacity 4.7 GW) as of mid-2019, and more than 7 GW under construction. The company focuses on integrated renewable energy projects (IREP) including energy storage for round-the-clock power supply, aiming for 20 GW of storage-based contracts and projects in states like Andhra Pradesh, Karnataka, and Maharashtra. Greenko has grown through acquisitions such as Orange Renewables (907 MW operational solar and wind) and Skeiron Green Renewables, adding significant capacity and expected operating profit of $130 million in the first full year post-close from one deal. In April/June 2019, Greenko Energy Holdings announced definitive agreements for a primary equity raise of $495 million from affiliates of GIC and Abu Dhabi Investment Authority (ADIA), dated June 4, 2019, matching the query details. This was part of a larger $824 million equity commitment via rights issue announced July 11, 2019, including the prior $495 million for IREP projects, with funds allocated to capex for integrated projects and opportunistic acquisitions. GIC remained the majority shareholder post-investment. Earlier in February 2019, GIC and ADIA invested $550 million in fresh primary capital, bringing their cumulative equity to $2 billion, with GIC holding 60% and ADIA 15%; this round implied an enterprise valuation of $5.2 billion including $3.2 billion debt, but no explicit post-money valuation for the 2019 round. A separate $329 million equity infusion followed in July 2019 from the same investors, completing the $824 million total. Greenko's business plan was fully funded for two years, supporting 2.4 GW storage projects with $2 billion capex, expected operational by 2022. The company achieved 1.4 GW capacity addition in FY2019-20 with 36.24% revenue growth over FY2018-19, though specific revenue figures not detailed. GIC and ADIA's repeated investments, including prior $447 million in 2018 and earlier rounds, positioned Greenko as India's largest renewable player targeting government goals for 100 GW solar and 60 GW wind by 2022.
Jun 2018Undisclosed stageAbu Dhabi Investment Authority (lead); GIC (lead)$450M$1BGreenko Group is a Hyderabad-headquartered renewable energy company focused on wind, solar, and hydro power projects, majority controlled by GIC Singapore. In 2016, it secured $230 million from ADIA ($150M) and GIC ($80M) at a $1 billion post-money equity valuation, implying $2 billion enterprise value with $1 billion debt. The company expected $200 million EBITDA in FY17, planning to treble it by FY19. This built a platform for energy market opportunities amid government initiatives in clean energy. Morgan Stanley advised the 2016 transaction, marking ADIA's second renewable bet in India after ReNew Power. Greenko, formerly listed on London's AIM, positioned as one of India's largest green energy producers. By 2018, GIC held ~65% stake, ADIA ~16%, founders ~19%. That year, a separate $450 million equity infusion from GIC and ADIA funded India's first large integrated clean energy storage project and 10 GW generation, with GIC and ADIA holding 60% and 14% stakes respectively. Financials showed total operating income growth to Rs 1,626 crore in FY18 from Rs 1,227 crore in FY17, with PBILDT at Rs 1,304 crore. Operational capacity exceeded 4.2 GW by mid-2018 after acquisitions like Orange Renewable (adding 1 GW to reach 4.2 GW at $1B enterprise value) and others totaling 1.5 GW RE assets. Greenko shifted strategy to integrated renewable energy with storage, competing with thermal assets. The company raised additional funds historically: $447M in June 2018 (part of larger plan), $155M in 2017, confirming GIC/ADIA as key backers. CARE rated long-term facilities CARE A+ Stable in Dec 2018 amid capex growth. Later 2018-19 integrated report noted 54.3% revenue growth, >4.8 GW assets, 7.2 BU generation, and A+ financial rating.
Mar 2017Undisclosed stageGIC (lead)$155M$1BGreenko Energy Holdings is an Indian renewable energy company owning and operating wind, solar, and small hydro assets, with over 2 GW operational capacity at the time of the March 2017 funding round. The company raised $155 million in equity from existing investors GIC ($123.9-$124 million) and ADIA ($31.1 million, though one source notes $150 million from ADIA and $80 million from GIC), using proceeds to expand its clean energy portfolio to 3 GW, develop new projects including acquired solar assets, and pursue low-risk wind farm expansions. GIC maintained majority ownership at 60-65% post-round, up from 61% previously. This round followed a 2016 investment of $230 million from ADIA and GIC affiliates at a $1 billion valuation, and earlier GIC stake acquisition for $213 million in October (year unspecified but prior). Greenko had recently acquired SunEdison’s 587 MW Indian solar and wind portfolio for $392 million in November 2016. The platform leverages government initiatives for sustainable energy, positioning it as a key player in India’s renewable targets. Financial statements from FY 2016-17 show total assets of ~$3.68B and equity of ~$967M. Subsequent rounds included $447M from GIC/ADIA (pre-2020) and ongoing investments, with GIC as a repeated participant.
Jun 2016Undisclosed stageAbu Dhabi Investment Authority (lead); GIC (lead)$230M$1BGreenko Energy Holdings, a Hyderabad-based renewable energy company and one of India's leading owners and operators of renewable energy assets, operates a diversified portfolio exceeding 1,000 MW of wind and small hydro assets as of June 2016. The company signed definitive agreements to raise $230 million in primary equity, with Abu Dhabi Investment Authority (ADIA) investing $150 million and GIC (Singapore's sovereign wealth fund) contributing $80 million invested in March 2016. GIC remains the majority shareholder post-transaction, owning around 60%, with ADIA at approximately 15% and founders holding 25-27%. The funding round closed at a $1 billion post-money equity valuation, implying an enterprise value of $2 billion given the company's $1 billion debt, though valuations were not officially disclosed. Funds are earmarked for developing new renewable energy projects, including low-risk expansions of existing wind farms, supporting Greenko's growth to contribute to India's clean energy targets. The company anticipates $200 million EBITDA in FY17, with plans to treble it by FY2019. This investment follows prior transactions, including GIC's acquisition of a majority stake in Greenko's Mauritius holding entity for $255 million in August 2015 and $125 million raised from EIG Global Energy Partners in 2014. Greenko, formerly listed on London's AIM exchange, demonstrates strong appeal to institutional investors like sovereign wealth funds shifting focus to clean energy. Subsequent rounds included another $155 million from GIC and ADIA in March 2017 and a majority stake sale to GIC for $213.3 million in October 2016.

Who has invested in Greenko Group?

6 investors have backed Greenko Group across its funding rounds, including GIC, Abu Dhabi Investment Authority, ORIX, Anil Kumar Chalamalasetty, Mahesh Kolli and AM Green Group.

Lead investors include AM Green Group, ORIX, Abu Dhabi Investment Authority and GIC.


Greenko Group Investors

Investors in Greenko Group by funding rounds participated
InvestorHQRoundsRoleFirst check
GICSingaporeSingapore6LeadJun 2016
Abu Dhabi Investment AuthorityUAEAbu Dhabi5LeadJun 2016
ORIXJapanTokyo2LeadSep 2020
AM Green GroupIndiaHyderabad1LeadJun 2025

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Acquisitions by Greenko Group

Greenko Group has acquired 2 companies to date.

Last acquisition by Greenko Group was on June 4th 2018. Greenko Group acquired Orange Renewable for $1B.


Latest Acquisitions by Greenko Group

Orange Renewable
Pennar Renewables
Description
Orange Renewable is a Hyderabad-headquartered developer and operator of wind and solar power projects across India. The company manages assets in Andhra Pradesh, Karnataka, Madhya Pradesh, Maharashtra, and Rajasthan, focusing on utility-scale renewable energy parks. As part of the Greenko Group, it contributes to India's clean energy transition through engineering, procurement, construction, and long-term operations. Established in 2010, Orange Renewable maintains a strong presence in five key states with projects connected to national grids.
Pennar Renewables is a Hyderabad-based power generation company within the Pennar Industries group. It owns and operates solar photovoltaic plants with 50 MW capacity and wind farms totaling 24 MW in Andhra Pradesh and Telangana. The firm sells electricity to state utilities under renewable energy certificates and feed-in tariffs.
HQ CountryIndiaIndia
HQ City
New Delhi
Hyderabad
Deal Date4 Jun 201816 Aug 2017
Valuation$1Bundisclosed
EV/Revenue
EV/EBITDA

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Greenko Group Competitors

Greenko Group competitors include listed companies like NHPC, BKW, Capital Power and ACCIONA Energía, and private ones like Inox Clean Energy and Eni Plenitude.

Public and private companies comparable to Greenko Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Inox Clean EnergyIndiaIndiaPrivate--$7.3B-
NHPCIndiaIndiaPublicly listed$1.2B$757M$7.9B9.4x
BKWSwitzerlandSwitzerlandPublicly listed$5.1B$1.1B$8.1B1.8x
Capital PowerCanadaCanadaPublicly listed$2.7B$746M$6.9B4.3x
ACCIONA EnergíaSpainSpainPublicly listed$3.4B$1.6B$8.1B4.0x
Eni PlenitudeItalyMilanPrivate$7.7B$417M$12B1.5x

Greenko Group Public Comps

Greenko Group is still privately-owned, but its public comps include Waaree Energies, National Fuel Gas, CEMIG, Oklo, Guangdong Investment, NHPC, Matador Resources, Huadian Power, HK Electric and Chord Energy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Waaree Energies$2.7B$594M2.8x2.4x12.8x11.3x
National Fuel Gas$2.3B$1.3B4.4x3.9x7.6x6.6x
CEMIG$8.3B$1.6B1.3x1.4x6.7x7.5x
Oklo-($139M)-2178.8x(35.4x)(25.7x)
Guangdong Investment$2.4B$1.3B4.2x4.1x8.0x7.8x
NHPC$1.2B$757M12.0x9.4x18.4x18.3x
Matador Resources$3.7B$2.4B3.2x2.9x4.8x4.4x
Huadian Power$19B$4B1.8x1.9x8.5x9.9x

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Common questions about Greenko Group

When was Greenko Group founded?Greenko Group was founded in 2004.
Where is Greenko Group headquartered?Greenko Group is headquartered in Hyderabad, India.
Is Greenko Group publicly listed?No, Greenko Group is a private, VC-backed company.
What is Greenko Group's valuation?Greenko Group was last valued at $7.5B in its secondary sale in June 2025.
How much funding has Greenko Group raised?Greenko Group has raised $3.3B across 7 funding rounds.
What was Greenko Group's last funding round?Greenko Group's last funding round was a $700M undisclosed-stage round in March 2023.
Who are Greenko Group's investors?Greenko Group's investors include GIC, Abu Dhabi Investment Authority, ORIX, AM Green Group, Anil Kumar Chalamalasetty and Mahesh Kolli.
What is Greenko Group's revenue?Greenko Group's latest recorded revenue is $723M (March 2023).
What is Greenko Group's revenue multiple?Greenko Group's latest valuation implies a 9.7x revenue multiple ($7B valuation on $723M of revenue).
Which companies are comparable to Greenko Group?Companies comparable to Greenko Group include Inox Clean Energy, NHPC, BKW, Capital Power, ACCIONA Energía and Eni Plenitude.
How many companies has Greenko Group acquired?Greenko Group has acquired 2 companies, including Orange Renewable and Pennar Renewables.
What was the largest acquisition by Greenko Group?The $1B acquisition of Orange Renewable in June 2018 is the largest acquisition Greenko Group has made to date.

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