Orix intervenes IL&FS's 874-MW wind portfolio sale to GAIL

Wind turbines in India. Featured Image: OlegD/Shutterstock.com

May 20 (Renewables Now) - Japanese financial services conglomerate Orix Corp (TYO:8591) wants to take full control of an 874-MW wind portfolio in India that is currently co-owned with and controlled by the IL&FS Group.

Orix owns a 49% stake in each of seven operating wind farms in India and has the right to match the price offered by the highest bidder targeting the 51% interest in those plants held by IL&FS Wind Energy Limited (IWEL).

As previously announced, GAIL (India) Ltd (BOM:532155) made an offer of around INR 48 billion (USD 688m/EUR 617m), including the repayment of INR 37 billion in debt, for the particular wind portfolio and ended up as the highest bidder.

IL&FS unveiled on Sunday that Orix had expressed intent to make use of its right. The Indian group said that the sale to Orix is subject to meeting certain conditions and receiving some approvals. The sale process is seen to close by the end of next month.

(INR 10 = USD 0.144/EUR 0.129)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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