Japan-based Orix has announced plans to acquire an 80 per cent stake in Madrid-based renewable energy project developer Elawan Energy. Financial terms of the deal have not been disclosed and will be finalized in the second quarter of 2021, pending relevant regulatory approvals.
The acquisition has been made through European subsidiary, its Orix Corporation. Elawan Energy’s founders, as well as CEO Dionisio Fernandez and Acek Renewables, will hold the remaining shares in the Spanish company.
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, Orix.
Orix has a long track record of providing financing, project development, and O&M services in the Japanese solar power market. It also has a presence in India, where it installs small-scale PV systems under a distributed-generation solar partnership with SUN Group. In the North American market, it currently operates about 145 MW of solar capacity at 104 sites in 17 states.
REGlobal’s Views: With this acquisition, Orix has clearly strengthened its presence in Europe.