Company Overview
Greenko Group is one of India’s major renewable-energy and energy-storage platforms, founded in 2004 and headquartered in Hyderabad. The group is ultimately held through Greenko Energy Holdings (GEH), incorporated in Mauritius. Its businesses span solar, wind, hydro, pumped-storage hydropower and green molecules/green hydrogen. (Greenko Group)
Greenko has increasingly shifted its strategy from being primarily a renewable power generator toward becoming an integrated renewable-energy and long-duration energy-storage platform.
Official website: Greenko Group
Core Business
Greenko’s business can broadly be divided into four areas:
| Segment | Business |
|---|---|
| ☀️ Solar | Utility-scale solar generation |
| 🌬️ Wind | Wind power generation |
| 💧 Hydro | Hydroelectric power generation |
| 🔋 Energy Storage | Pumped-storage projects for round-the-clock renewable power |
| 🟢 Green Molecules | Green hydrogen, ammonia and related decarbonisation solutions |
The strategic focus is increasingly on combining renewable generation with long-duration storage so that renewable electricity can be supplied according to demand rather than only when the sun is shining or wind is available. (Greenko Group)
Renewable-Energy Portfolio
As of 31 March 2025, Greenko’s operational portfolio comprised approximately:
| Technology | Operational Capacity |
|---|---|
| Hydropower | 1,950.5 MW |
| Wind | 3,172.0 MW |
| Solar | 1,537.9 MW |
| Total | 6,660.4 MW |
The hydropower figure includes the 1,200 MW Teesta III project, following Greenko’s acquisition of additional shares in Sikkim Urja Limited during FY25. (Greenko Group)
Pumped Storage — The Main Strategic Opportunity
Pumped-storage hydropower is becoming one of Greenko’s most important businesses.
As of March 2025, Greenko was developing 7,000 MW of standalone pumped-storage projects across four states:
- Pinnapuram, Andhra Pradesh — 1,680 MW
- Gandhi Sagar, Madhya Pradesh — 1,920 MW
- Saundatti, Karnataka
- Shahpur, Rajasthan
The latter two together account for approximately 3,400 MW and were in pre-construction stages at that time. Greenko also reported another 5,660 MW of pumped-storage projects in pre-development across Maharashtra and Uttar Pradesh. (Greenko Group)
Greenko’s concept is to create a network of large-scale storage assets capable of absorbing surplus renewable generation and supplying electricity when required.
This is particularly relevant as India’s solar and wind capacity increases and grid flexibility becomes more important.
Pinnapuram Integrated Renewable Energy Project
The Pinnapuram project in Andhra Pradesh is one of Greenko’s flagship projects.
It combines:
- Renewable generation
- Pumped-storage hydropower
- Solar power
- Grid-scale energy storage
Greenko reported that turbines at Pinnapuram had begun initial generation by March 2025, with full-scale generation expected during 2025. A 1,500 MW AC / 2,100 MW DC solar PV plant is also being developed near the project. (Greenko Group)
Teesta III Hydropower
Greenko significantly increased its exposure to hydropower during FY25.
Through its subsidiaries, the group acquired an additional 60.075% stake in Sikkim Urja Limited, taking its total holding to approximately 94.38%.
Sikkim Urja owns the 1,200 MW Teesta III hydropower project in Sikkim. However, the project has been affected by the October 2023 flash flood, which damaged operating assets and stopped generation. Greenko has been undertaking restoration and reconstruction work. (Greenko Group)
This creates both a potential future capacity addition and a significant execution/restoration consideration.
Green Hydrogen & Green Molecules
Greenko is also developing a green-molecule platform focused on areas such as:
- Green hydrogen
- Green ammonia
- Zero-carbon fuels
- Industrial decarbonisation
- Renewable-powered molecules
The strategy is to use low-cost renewable electricity and storage to support industries that are difficult to decarbonise through direct electrification.
Greenko has previously described its long-term strategy as moving from standalone renewable power toward round-the-clock renewable energy and zero-carbon molecules. (Greenko Group)
FY25 Financial & Credit Snapshot
Greenko is a private group with a complex holding-company and project-company structure, so its financial profile is better understood through consolidated Greenko Energy Holdings disclosures and project-level ratings rather than a simple listed-company P&L.
Key FY25 indicators reported in available financial/rating sources include:
| Metric | FY25 |
|---|---|
| Operational RE portfolio | 6.66 GW |
| Total debt | ~US$7.37 billion |
| Debt / EBITDA | ~15.3x |
| Cash interest coverage | ~1.0x |
| Pumped-storage projects under development | 7 GW |
| Additional PSP pre-development | 5.66 GW |
The increase in debt reflects Greenko’s substantial capital expenditure on renewable and storage projects. The leverage level is therefore an important factor to monitor. (Octus)
At the project level, CareEdge has also highlighted long-term PPAs as providing revenue visibility while noting the group’s leveraged capital structure and refinancing/execution risks. (CARE Ratings)
Shareholding
Greenko has attracted major global institutional investors.
The historical and current shareholder structure has included:
- GIC — Government of Singapore’s sovereign investment arm
- ADIA — Abu Dhabi Investment Authority
- ORIX Corporation
- Greenko founders — Anil Kumar Chalamalasetty and Mahesh Kolli
A major change occurred in 2025 when the founders’ AM Green platform acquired most of ORIX’s stake in Greenko Energy Holdings. The transaction was reported at approximately US$1.4 billion, implying a Greenko valuation of around US$7.5 billion. (mint)
CareEdge subsequently reported GIC at approximately 58%, ADIA at 15%, ORIX at 2%, with the balance held by the founders through group entities. CareEdge also noted that ORIX had divested a larger stake to AM Green. (CARE Ratings)
Because the structure has changed through transactions and capital infusions, investors should rely on the latest Greenko Energy Holdings disclosure for an exact current percentage rather than older shareholder tables.
Major Institutional Backing
Greenko has historically raised substantial capital from global investors.
In 2023, the company announced a US$700 million equity commitment from affiliates of GIC, ADIA, ORIX and the founders to accelerate its pumped-storage and carbon-free-energy platform. The investment was intended to support projects providing more than 25 GWh of storage capacity and approximately 45 billion units of dispatchable carbon-free electricity. (Greenko Group)
Greenko has also accessed international green-bond markets, demonstrating its ability to raise capital for large-scale renewable infrastructure. (Greenko Group)
Management
The group was founded by:
Anil Kumar Chalamalasetty
Founder, CEO & Managing Director
Mahesh Kolli
Founder, President & Joint Managing Director
The founders remain closely associated with Greenko’s strategy around renewable energy, pumped storage and green molecules.
Why Greenko Is Different
Traditional renewable-energy companies primarily sell electricity generated from solar or wind.
Greenko’s strategy is increasingly based on:
Renewable Generation → Energy Storage → Round-the-Clock Power → Green Molecules
This means the company is attempting to build an integrated energy-transition platform rather than remaining solely a renewable-generation company.
Major Growth Drivers
1. India’s Energy-Storage Requirement
As solar and wind penetration rises, large-scale storage becomes increasingly important for grid balancing and dispatchable renewable power.
Greenko’s pumped-storage portfolio directly targets this requirement.
2. Round-the-Clock Renewable Power
Industrial customers increasingly require predictable electricity rather than intermittent renewable generation.
Pumped storage allows Greenko to bundle renewable generation with dispatchability.
3. Green Hydrogen & Ammonia
Greenko is building exposure to emerging green-molecule markets that could support decarbonisation of steel, chemicals, fertilisers, refining and other hard-to-abate industries.
4. Large Existing Renewable Base
The existing solar, wind and hydro portfolio provides a significant operating asset base while new storage projects are being developed. (Greenko Group)
5. Strong Institutional Shareholders
GIC, ADIA and the founders have historically provided significant capital support. CareEdge specifically highlights the financial flexibility provided by the shareholder base. (CARE Ratings)
Key Risks
High Leverage
This is the most important financial consideration.
FY25 debt was reported at approximately US$7.37 billion, with debt/EBITDA around 15.3x and cash interest coverage around 1x. (Octus)
Capital-Intensive Business
Pumped storage, hydro and renewable projects require very large upfront capital investments before generating full cash flows.
Execution Risk
Greenko has a large development pipeline. Delays in land, approvals, construction, transmission connectivity or commissioning could affect projected cash flows.
Teesta III Restoration
The 1,200 MW Teesta III project suffered significant damage during the October 2023 flash flood and remains subject to reconstruction and restoration work. (Greenko Group)
Refinancing Risk
Large renewable infrastructure projects rely heavily on long-term debt. Rating agencies have highlighted refinancing and interest-rate risks associated with Greenko’s leveraged structure. (CARE Ratings)
Regulatory & Power-Market Risk
Changes in renewable tariffs, open-access regulations, storage policy, transmission charges and power-market structures can influence project economics.
IPO / Listing Status
Greenko Energy Holdings is not listed on NSE or BSE.
Greenko remains a privately held energy platform.
There have been discussions historically around a potential IPO. ORIX noted in 2023 that Greenko may ultimately choose an IPO, but said the timing was still years away. (Orix)
Therefore, an IPO should not be treated as a confirmed near-term event unless Greenko formally files the relevant offer documents.
Unlisted Share / Valuation Consideration
Greenko is different from many smaller unlisted companies because there is no standardized NSE/BSE market price for Greenko Energy Holdings.
The most significant recent valuation reference is the reported 2025 ORIX stake transaction, in which AM Green acquired approximately 20% of Greenko Energy Holdings for around US$1.4 billion, implying a transaction valuation of approximately US$7.5 billion. (mint)
This is a private transaction valuation, not a publicly traded share price.
Any unlisted-market quote should therefore be checked for:
- Exact Greenko entity/security
- ISIN
- Share class
- Seller/buyer
- Transaction price
- Transfer restrictions
- Settlement mechanism
- Current cap table
Investment Theme
Greenko can broadly be viewed through three major themes:
Renewable Power + Energy Storage + Green Molecules
The company’s strategic transition toward pumped-storage infrastructure is particularly important because it attempts to solve one of the biggest challenges associated with large-scale renewable deployment: how to provide renewable electricity when renewable generation is not immediately available.
UnlistedCart Takeaway
Greenko is a large-scale private renewable-energy platform with a business model increasingly centered on energy storage rather than only solar and wind generation.
The key story is:
6.66 GW operational renewable portfolio + large pumped-storage pipeline + green hydrogen/green-molecule ambitions.
The opportunity is linked to India’s increasing need for dispatchable renewable power and grid-scale storage.
At the same time, the company operates with substantial leverage and requires very large amounts of capital for its expansion. Therefore, debt servicing, project commissioning, refinancing, Teesta III restoration and cash-flow generation from new storage projects are important factors to track.
Quick Snapshot
| Parameter | Greenko Group |
|---|---|
| Founded | 2004 |
| Headquarters | Hyderabad, India |
| Holding Company | Greenko Energy Holdings |
| Structure | Private / Unlisted |
| Core Business | Renewable Energy & Energy Storage |
| Operational RE Portfolio | 6.66 GW as of Mar-2025 |
| Solar | 1.54 GW |
| Wind | 3.17 GW |
| Hydro | 1.95 GW |
| PSP under development | 7 GW |
| Additional PSP pre-development | 5.66 GW |
| FY25 Debt | ~US$7.37 Bn |
| FY25 Debt/EBITDA | ~15.3x |
| Major Investors | GIC, ADIA, founders; ORIX stake largely divested |
| Recent Private Valuation Reference | ~US$7.5 Bn |
| IPO | No confirmed IPO |
| Key Theme | Renewable Power + Storage + Green Molecules |
Important: Greenko is a private infrastructure platform with a complex group structure. Financial figures can differ materially between Greenko Energy Holdings, Greenko Energy Private Limited and individual project SPVs. Always verify the exact legal entity/security before discussing an unlisted transaction.
Official Greenko website: Greenko Group
FY25 Greenko Energy Holdings results: Greenko Energy Holdings — FY25 Results
Greenko Integrated Report: Greenko Integrated Reports
ORIX Greenko transaction disclosure: ORIX — Greenko investment information
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