In a new agreement, Greenko founders plan to purchase a stake from Orix.

According to persons acquainted with the situation, the founders of Greenko Energy Holdings, an Indian clean energy producer, are still in the process of acquiring Orix Corp.'s ownership part in the business, even though the Japanese financial organization said that the deal would not proceed. According to persons who asked not to be identified in order to discuss sensitive things, Greenko co-founders Anil Chalamalasetty and Mahesh Kolli are modifying the deal structure to clear the path for the acquisition to move forward. According to Bloomberg Intelligence, Greenko's largest owner, with a 58% ownership, is Singapore's sovereign wealth fund, GIC Pte.The founders of Greenko had originally intended to finance half of the $1.46 billion purchase of Orix's 20% stake with cash, with the remaining portion to be financed through the issuance of convertible bonds by their firm, AM Green (Luxembourg).

According to the people, the conditions are still negotiating and could change under the new structure, which would allow Greenko's founders to finance the acquisition with less cash and more convertible note investment. The size of a private loan supporting the sale has decreased from an initial $800 million to about $600 million, they added, in light of the expectations for the smaller cash portion.The loan will probably still rank among the biggest private credit agreements in India this year, where direct lending has exploded due to Prime Minister Narendra Modi's infrastructure push, which is driving up demand for money for everything from roads to solar power.