Japanese-headquartered financial services group ORIX Corporation has taken full ownership of Spanish renewables firm Elewan Energy after acquiring a further 20% stake in the company. The transaction is expected to be completed in early 2023, subject to the receipt of regulatory approval.
Elawan has renewables assets active in 14 countries, covering the entire value chain from development to construction, financing and operation. It has approximately 1.2GW of active projects and 7.3GW under construction or in development, centred mostly on operations in Europe and North and South America.
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ORIX said that since its initial partial acquisition of Elawan in 2021 it has played a central role in expanding the financier’s international renewable energy footprint. ORIX has a total global capacity of around 3.6GW of renewables assets, covering solar, wind, geothermal, biomass, biogas and hydropower. The company said that its international renewables expansion is key to its management strategy, and by 2030 it intends to expand to around 10GW of renewables assets worldwide.
“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 decarbonisation of energy systems globally,” said Dionisio Fernandez, CEO of Elawan.
Elawan was one of a number of companies to win a notable solar PV bid in Spain’s January 2021 renewables auction.