ORIX has entered into an agreement to invest in Elawan Energy, a multinational renewable energy corporation headquartered in Madrid, Spain, committed to the production and ownership of wind and solar PV power plants.
ORIX will hold an 80 percent interest in Elawan through its wholly owned subsidiary, ORIX Corporation Europe. The founders of Elawan, Acek Renewables and CEO Dionisio Fernandez will continue to hold a 20 percent stake in the company. The deal is scheduled to close in the second quarter of 2021, subject to the receipt of regulatory approvals and the fulfillment of customary closing conditions.
Elawan has a long record of successfully delivering wind and solar PV projects with more than 2,900 megawatts of internationally built projects since its incorporation in 2007. Elawan is active in 14 countries around the world, with its core activities in Europe along with North and South America, and currently has 714 megawatts of operational projects, 461 megawatts under construction and more than 10 gigawatts of pipeline production.
The strength of Elawan’s business model is its multinational operations across the entire value chain of the renewable energy market, from growth to financing, construction and service.
“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. Elawan is an ideal platform to further support the growth of ORIX renewable energy business globally.”Hidetake Takahashi, head of energy and eco-services business headquarters.
“We look forward to working with ORIX at this exciting time for Elawan to continue our global expansion. Elawan management team is fully committed to enter into this new era of accelerating the growth of the Company.”Dionisio Fernandez, Elawan CEO.
“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.”Jon Riberas, co-chairman of Acek.