In a partial share transfer agreement of Greenko Energy, AM Green BV has acquired a 17.5% stake in Greenko Energy Holdings from Japan’s Orix Corporation for a hefty $1.28billion. The deal, routed through its subsidiary AM Green Power BV, will push AM Green’s total holding in Greenko to 25% once the transaction closes in July.

Orix is also doubling down on the green future by investing in convertible notes issued by AM Green’s Luxembourg-based parent. The investment, split between $650 million in cash and $731 million in convertible note, gives Orix a 10% stake in AM Green (B.V) and long-term exposure to the next wave of decarbonisation: green hydrogen, ammonia, sustainable aviation fuel (SAF) and other advanced molecules.

To bankroll the acquisition, AM Green raised $650 million in private credit, underscoring the high-stakes nature of this strategic play. The remaining 90% of AM Green continues to be held by Greenko’s co-founders, Anil Chalamalasetty and Mahesh Kolli.

This move cements AM Green’s vertical integration advantage. Greenko, which operates over 10 GW of renewable and pumped hydro storage assets is central to AM Green’s ambitious playbook. With Greenko powering the backend, AM Green is positioning itself as a full-stack decarbonisation platform.

Already, Greenko has commissioned its flagship 1.7 GW pumped storage project in Andhra Pradesh. Two more in Madhya Pradesh and Karnataka, totalling 2.5 GW are on the horizon for 2026 and 2027. Greenko’s energy cloud, projected to exceed 100 GWh in daily storage by 2030 adds serious muscle to this ecosystem.

At the core of AM Green’s industrial vision lies a roadmap targeting up to 5 million tonnes per annum of green ammonia capacity —1 MTPA of which is already under construction in Kakinada, Andhra Pradesh. This will anchor the world’s largest integrated green industrial complex, combining ammonia production, a 2 GW electrolyzer gigafactory, SAF facilities, and green chemical units, reported Financial Express.

AM Green has locked in power purchase agreements to secure round-the-clock, carbon-free energy for its first two ammonia plants, and is backed by a manufacturing JV with John Cockerill for electrolyzer supply. It’s also gunning for a big slice of India’s green hydrogen tenders, armed with competitive green power access and a seasoned team.

Beyond ammonia and hydrogen, AM Green is lining up a slate of low-carbon products—from methanol and caustic soda to high-value bio-based chemicals and SAF, all feeding into a broader Bio2X strategy. That strategy got a boost last year with the acquisition of Chempolis, a Finnish company pioneering zero-waste biomass processing for the circular bioeconomy.

In just over a year since its founding, AM Green has emerged as one of the most integrated and aggressive Power-to-X platforms globally. With capital firepower, infrastructure scale, and end-to-end control of the green molecule value chain, it’s now charging ahead to redefine industrial decarbonisation at scale.

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AM Green buys Orix’s 17.5% stake in Greenko for $1.4 bn