Japan-based ORIX has decided to sell 17.5 percent of its 20 percent shareholdings in its affiliate Greenko Energy for approximately $1.3 billion and invest in AMG Lux as part of its capital recycling strategy. The buyer of Greenko’s shares, AM Green Power B.V., is a wholly owned subsidiary of AM Green B.V. (AMG), a next-generation energy company established by Greenko’s founders.
ORIX also has decided to re-enter into an agreement to invest in the convertible note issued by AM Green, the parent company that holds all shares of AMG. The total amount of the convertible note is approximately $731 million.
In January, ORIX entered into a share transfer agreement of Greenko and a new investment in AMG Lux, but the agreement was terminated in April because the conditions were not met. However, ORIX is now re-entering into this agreement, with partial transfer of Greenko shares and underwriting of convertible notes to be completed by the end of July.
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