ORIX Corporation (“ORIX”) announced today that it has agreed to acquire the remaining 20% of the shares of Elawan Energy S.L. (“Elawan”), a global renewable energy company headquartered in Madrid, Spain, of which 80% are already held by ORIX*1. The transaction is expected to close in the first quarter of 2023, subject to receipt of regulatory approval. Elawan will continue to be led by Founder and CEO Dionisio Fernandez supported by an experienced management team many of who have worked together for over a decade.
Elawan is active in 14 countries globally, with its core business in Europe and North and South America, and today has over 1,290 megawatts of projects in operation and over approximately 7.3 GW of projects under construction or in development. The company is able to identify opportunities at an early stage, leveraging its capabilities in development, design, procurement, structuring and execution to unlock value and deliver enhanced returns.
“We are pleased to continue our investment in renewable energy globally with Elawan becoming a wholly-owned subsidiary of ORIX,” said Hidetake Takahashi, Managing Executive Officer and Head of the Energy and Eco-Services Business Headquarters at ORIX. “Elawan will support ORIX in its ambition to help drive economic development and sustainable growth globally through the use of renewable energy.”
“We look forward to continuing to work closely with ORIX to unlock the full potential of Elawan as we continue our expansion globally and across technologies to offer integrated solutions to enable the decarbonization of energy systems globally,” said Dionisio Fernandez, CEO of Elawan. “ORIX has supported Elawan since 2021 in executing its ambitious growth and investment program, and I believe ORIX’s shared vision and expertise in renewable energy will continue to enhance Elawan’s business into the future.”
ORIX positions the development of its renewable energy business globally as one of its key management strategies. ORIX acquired more than 20% of the shares of Greenko Energy Holdings, a major renewable energy operator in India, in March 2021*2, while it acquired Gravis Capital Management Ltd. (“Gravis”), an alternative asset management company in the U.K. and active investor in the renewable energy sector, in January 2021*3.
Going forward, Elawan plans to further expand its business in Europe and the Americas, develop new businesses such as green hydrogen (produced by the electrolysis of water into hydrogen and oxygen using renewable energy), and promote capital recycling, including the sale of a portion of its assets.
By making Elawan a wholly-owned subsidiary, ORIX will now boast a total installed capacity of approximately 3.6GW of renewable energy globally, including solar, wind, geothermal, hydro power and other resources. ORIX is aiming to increase its total installed capacity to approximately 10GW globally in 2030.
Using the experience and expertise it has nurtured, ORIX will contribute to the realization of a sustainable world by continuing to expand its renewable energy business globally.
