Greenko founders raise $800 mn loan to buy out Orix stake

In what is India's largest private credit deal this year, founders of Greenko Energy Holdings, Anil Chalamalasetty and Mahesh Kolli, have raised an $800-million private credit loan, from Temasek-backed Clifford Capital and BlackRock, to buy Orix Group's 20% stake in company, people told ET.

"Last week, Greenko's founders raised $800 million, primarily from Clifford and BlackRock," said a source.

In January, Orix had agreed to sell its 20% stake in Greenko to AM Green Power, owned by Greenko founders, for $1.46 billion. A Clifford Capital spokesperson declined to comment while BlackRock and Greenko did not respond to requests for comment. Financing, arranged via AM Green and raised at 11.5-12%, was syndicated by Deutsche Bank and Barclays, according to an ET report on March 9.