Japan’s Orix to Acquire 80% Stake in Spains’ Elawan Energy

Japan’s ORIX Corporation will invest in Elawan Energy, a global renewable energy firm headquartered in Madrid.

Japan’s ORIX Corporation has announced that it has entered into an agreement to invest in Elawan Energy, a global renewable energy company headquartered in Madrid, Spain focused on the development and ownership of wind and solar PV power plants.

Through its wholly-owned subsidiary ORIX Corporation Europe, ORIX will acquire an 80 percent stake in Elawan. The founders of Elawan, Acek Renewables and CEO Dionisio Fernandez will continue to retain a 20 percent stake in the business. 

“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.”

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Elawan has an extensive track record of successfully delivering wind and solar PV projects with over 2,900 megawatts of projects developed globally since its incorporation in 2007. The firm is active in 14 countries globally, with its core activities in Europe together with North and South America and today has 714 megawatts of operational projects, 461 megawatts under construction and a development pipeline of over 10 gigawatts. A strength of its business model is its global operations across the entire value chain of the renewable energy sector, from development through to financing, construction and operation.

“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.”

The transaction is expected to close in the second quarter of 2021, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.

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ORIX is an active investor in ESG focused companies globally and its investment in Elawan will further strengthen its track record:

• In 2017, the firm acquired Ormat Technologies, a vertically integrated geothermal power company. (approximately a 19.7 percent equity stake, as of December 2020)
• In 2020, the firm had signed a framework agreement with Greenko Energy— a leading renewable energy company in India —regarding the acquisition of a 20 percent equity stake in Greenko; and
• In 2020, the firm also announced the acquisition of a 70 percent equity stake in London headquartered alternative asset manager Gravis Capital Management, which manages infrastructure investments including renewable energy assets and real estate.