Orix wraps up acquisition of 80% stake in Spain's Elawan Energy

Faro Farelo wind farm in Galicia, Spain. Source: Elecnor

July 27 (Renewables Now) - Japanese financial services group Orix Corporation (TYO:8591) said Tuesday that it has finalised the acquisition of an 80% stake in Spanish wind and solar developer Elawan Energy SL.

The transaction was announced in late December 2020.

After securing regulatory approval, the group’s European subsidiary Orix Corporation Europe NV bought Elawan’s issued shares for an undisclosed amount. Elawan founders, CEO Dionisio Fernandez and ACEK Renewables, a division of industrial holding ACEK Corporation, were going to maintain a 20% shareholding in the business, according to the earlier announcement.

For Orix, the investment in Elawan is meant to support the global growth of the group’s renewable energy business and help create a platform for further expansion overseas.

The growth plans have been further underpinned by this year's acquisition of a 21.8% stake in Indian renewables company Greenko Energy Holdings and the purchase of 70% of shares in UK-based Gravis Capital Management Ltd, which manages funds investing in renewable energy and other sectors.

Elawan Energy develops projects and operates wind and solar power plants. According to Orix, the firm has delivered some 2.9 GW of projects. It has around 726 MW of plants in operation, 598 MW of projects under construction and a development pipeline totalling over 10 GW.

With the majority of Elawan in hand, Orix reaches about 3 GW of total installed capacity around the world, working with solar, wind, hydro, geothermal and other technologies, according to the Japanese group.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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