ORIX to buy remainder of Spain's Elawan to round out ownership

Japanese financial services group ORIX Corporation (TYO:8591) said on Wednesday that it has struck an agreement to acquire a 20% stake it does not yet own in Spanish renewables developer Elawan Energy SL and turn the Madrid-based business into its wholly-owned subsidiary.

ORIX finalised the deal to acquire 80% in July last year. Elawan founders, CEO Dionisio Fernandez and ACEK Renewables, were then left to share the remaining 20%.

The Japanese group expects to close the latest transaction in the first quarter of 2023, subject to regulatory approval. Dionisio Fernandez will remain at the helm, ORIX said.

Financial details were not disclosed.

Elawan went from being a wind and solar developer with a reported 726 MW of power plants in operation in July 2021 to a wind, solar and mini-hydro developer operating over 1,290 MW at present, according to ORIX then and now. These capacity figures exclude assets that the company developed and sold, and come on top of some 7.3 GW of projects currently under construction and development.

In the next stage, Elawan plans to expand further in Europe and the Americas, join the green hydrogen arena and sell some of its existing assets, ORIX said.

With Elawan’s portfolio, ORIX will have around 3.6 GW of the total installed renewable energy capacity around the world, spanning solar, wind, geothermal, hydro power and other technologies. The company says it is aiming for an increase to around 10 GW worldwide in 2030.

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