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 over 2,900MW 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 714MW of operational projects, 461MW under construction and a development pipeline of over 10GW.
“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 Dionisio Fernandez, Elawan CEO. “Elawan management team is fully committed to enter into this new era of accelerating the growth of the Company.”
ORIX is an active investor in ESG focused companies globally and ORIX’s investment in Elawan will further strengthen itstrack record, according to the company.
Under the momentum of greenhouse gas zero emission achievement for 2050 has been increasing globally, ORIX is committed to be a global renewable energy operator and will contribute to achieve a sustainable society through its business activities.