Only 18 months after it acquired an 80% stake in Elawan Energy, an operation that concluded in July 2021, Orix Corporation has reached an agreement to acquire the remaining 20% of the company that specialises in renewable energy. Once the acquisition receives the green light from regulators, this step will enable the Spanish company to become a fully owned subsidiary of the Japanese group.

The share purchase in Elawan has been fundamental to boosting the international presence of Orix in the renewable energy industry. Set up in 2007 and based in Madrid, the company acquired operates in 14 countries throughout Europe, North America and South America. Its portfolio includes more than 1,290 gross megawatts of operational projects and around 7.3 gross gigawatts of projects under construction or in development.

The senior management team will remain
The founder of Elawan, Dionisio Fernández, will remain in the position of CEO alongside his team. The next objective will be to continue expanding operations in the three geographic regions where the company already does business. Plans are also in place to enter the green hydrogen business and to promote the recycling of capital, including the sale of certain assets.

Since it was set up in 1964, Orix has evolved within its specialised field of financial services and one of its key strategies at present consists of strengthening its position in the renewable energy industry. The 130 employees at Elawan offer extensive experience in the entire clean energy life cycle, fundamentally solar, wind, geothermal and mini-hydropower.

Sustainable growth
The renewable energy portfolio held by Orix is based on 3.6 net gigawatts of power, including solar, wind, geothermal, biomass, biogas assets and hydro power. It aims to reach 10 gigawatts worldwide by 2030. The CEO of Orix, Hidetake Takahashi, said that “Elawan will support the goal set by Orix to support economic development and sustainable global growth by society through the promotion of renewable energy”.

Dionisio Fernández said in turn that, “Orix has supported Elawan since 2021 on the implementation of its ambitious growth and investment programme, and I believe that the vision shared with Orix and its experience in renewable energy will continue to improve Elawan’s business in the future”.

^{Photo: Elawan Energy}