Japanese financial services company ORIX has agreed to acquire more than 20% of Indian renewable energy operator Greenko Energy, for $980m.

As part of the signed framework agreement, the company will integrate its 873MW wind energy portfolio in India into Greenko’s portfolio, in exchange for the shares. The company aims to execute definitive agreements going forward.

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Established in 2004, Greenko has an Indian renewable portfolio with a capacity of approximately 4.4GW. The company also recently announced a 1.2GW hydro asset acquisition, and has more than 8GW under construction and in development.

At present, Singapore’s Government Investment Company owns 65.8% of Greenko’s shares, while the Abu Dhabi Investment Authority owns 16.5%.

Greenko focuses on building an integrated renewable energy projects business, engaged in supplying electricity from renewable sources.

The company has signed long-term power purchase agreements with India’s government-operated agencies, state-owned power companies, and other entities for more than 20 years.

Orix, which has a total capacity of about 1GW in its solar business, intends to expand its renewable energy business. It entered India’s wind power business through a joint investment in 2016. The company acquired the complete assets last year.

The latest transaction is subject to investment committee approval, after completing due diligence and other legal procedures. The parties expect to complete the deal by the end of this year.

Last May, Orix expressed intent to buy the remaining 51% stake in Infrastructure Leasing & Financial Services (IL&FS) Group’s seven operating wind power plants.