Japan’s ORIX acquires stake in Spain’s renewable energy firm Elawan
Japan’s ORIX Corporation has agreed to invest in Elawan Energy S.L., a global renewable energy company headquartered in Madrid, Spain focused on the development and ownership of wind and solar PV power plants.
Through its wholly owned subsidiary ORIX Corporation Europe N.V., ORIX will acquire an 80% stake in Elawan. The founders of Elawan, Acek Renewables and CEO Dionisio Fernandez will continue to retain a 20% stake in the business. The transaction is expected to close in the second quarter of 2021, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.
Elawan has an extensive track record of successfully delivering wind and solar PV projects with more than 2,900 megawatts of projects developed globally since its incorporation in 2007. Elawan is active in 14 countries globally, with its core activities in Europe together with North and South America and today has 714 megawatts (MW) of operational projects, 461 MW under construction and a development pipeline of more than 10 gigawatts (GW). A strength of Elawan’s business model are its global operations across the entire value chain of the renewable energy sector, from development through to financing, construction and operation.
“We welcome Elawan to the ORIX Group and this acquisition is an important milestone to accelerate our corporate strategy of contributing to build a sustainable society,” said Hidetake Takahashi, the head of Energy and Eco-Services Business Headquarters. “Elawan is an ideal platform to further support the growth of ORIX renewable energy business globally”.
“We look forward to working with ORIX at this exciting time for Elawan to continue our global expansion,” said Fernandez. “Elawan management team is fully committed to enter into this new era of accelerating the growth of the company.
“We are pleased to welcome ORIX as the perfect partner for Acek in this new challenge. We believe ORIX and Acek working together in Elawan with a shared long term vision and expertise in renewable energies, will deliver continued and newfound success for the business,” said Jon Riberas, co-chairman of Acek.
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 37 countries and regions across the world. For more information, visit https://www.orix.co.jp/grp/en/.