Orix To Buy 80% Stake In Spain's Elawan Energy

(RTTNews) - Tokyo-based Orix Corp. (IX) said it agreed to buy an 80% stake in Spain's Elawan Energy. The deal is reportedly worth about 100 billion yen or $965 million.

The founders of Elawan, Acek Renewables and chief executive officer Dionisio Fernandez will continue to retain a 20% stake in the business.

The transaction is expected to close in the second quarter of 2021.

Elawan, which was incorporated in 2007, develops and operates wind and solar power projects in Europe and the Americas. It has 714 megawatts of operational projects, 461 megawatts under construction and a development pipeline of over 10 gigawatts.

Under the momentum of greenhouse gas zero emission achievement for 2050 has been increasing globally, ORIX said it is committed to be a global renewable energy operator and will contribute to achieve a sustainable society through its business activities.