Orix has announced plans to acquire an 80% stake in renewables developer Elawan Energy, via its Orix Corporation Europe subsidiary.
Elawan Energy’s founders, as well as CEO Dionisio Fernandez and Acek Renewables, will hold the remaining shares in the Spanish company. Orix did not disclose the financial terms of the deal, which will be finalized in the second quarter of 2021, pending relevant regulatory approvals.
Madrid-based Elawan Energy has developed 2.9 GW of solar and wind capacity since it was established in 2007. It has a presence in 14 countries, with a development pipeline purportedly exceeding 10 GW. It finances, develops, builds and operates solar PV and wind projects.
“Elawan is an ideal platform to further support the growth of Orix renewable energy business globally,” said Hidetake Takahashi, head of energy and eco-services for Orix.
Orix has a long track record of providing financing, project development, and O&M services in the Japanese solar sector. In India, it installs small-scale PV systems under a distributed-generation solar partnership with SUN Group. And in the U.S. market, it currently operates about 145 MW of solar capacity at 104 sites in 17 states, according to its website.
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