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Orix acquires 80% of Spanish renewables firm Elawan
Company has developed 2,900MW of wind and solar projects in 14 countries since 2007
13 Jan 2021 | Michael Marray

Tokyo-based Orix Corporation has agreed to acquire an 80% stake in Elawan Energy, a Madrid-based renewable energy company focused on the development and ownership of wind and solar photovoltaic power plants worldwide.

Orix is making the investment through its wholly owned subsidiary Orix Corporation Europe NV. The deal was announced on December 28, with local press putting a price tag of US$965 million on the stake.

The founders of Elawan, Acek Renewables and chief executive officer Dionisio Fernandez will retain a 20% holding in the business. The transaction is expected to close in the second quarter of 2021, subject to regulatory approvals and customary closing conditions.

Elawan has developed 2,900MW of projects since its incorporation in 2007. The company is active in 14 countries globally, with its core activities in Europe as well as North and South America.

It has 714MW of operational projects, 461MW under construction, and a development pipeline of over 10 gigawatts.

Elawan’s business model involves the entire value chain of the renewable energy sector, from development 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,” says Hidetake Takahashi, head of energy and eco-services business headquarters at Orix. “Elawan is an ideal platform to further support the growth of Orix renewable energy business globally.”

Orix is active as an investor in environmental, social and governance (ESG) focused companies. In 2017 it acquired a stake in New York Stock Exchange-listed Ormat Technologies, a vertically integrated geothermal power company.

In September 2020 Orix signed a framework agreement with Greenko Energy Holdings – leading renewable energy company in India – regarding the acquisition of a 20% equity stake in Greenko, in a deal valued at US$980 million.

Also in 2020, Orix announced the acquisition of a 70% equity stake in London-headquartered alternative asset manager Gravis Capital Management, which manages infrastructure investments including renewable energy assets and real estate.

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