The Green Knight is a supernatural being of great power. Should he be vanquished by a foe, he disappears into thin air, only to reappear once more and return to the fray.
BackSource: Warhammer: The Old World Online Rules Index
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When the Green Knight loses his last Wound, he is removed from play as usual, but is not slain. His controlling player may attempt to awaken him again during any of their Start of Turn sub-phases in which he is not on the battlefield, using the Guardian of the Sacred Sites special rule. However, each time the Green Knight is slain, he is weakened, and suffers a -1 modifier to the dice roll when attempting to awaken him, and a -1 modifier to his Wounds characteristic (to a minimum of 1).
Note that the enemy player only wins Victory Points for destroying the Green Knight the first time he loses his last Wound and is removed from play.