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ORIX Corporation announced the completion of the acquisition of 21.8% shares in Greenko Energy Holdings.
Simultaneous with acquiring issued shares in Greenko, ORIX also integrated its entire wind power generation business in India into Greenko in exchange for new additional shares of Greenko. Accordingly, ORIX has now acquired approximately 21.8% of Greenko for a total value of approximately 961 million U.S. dollars.
ORIX was established in 1964. From its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 34 countries and regions across the world.
In September 2020, ORIX Corporation had announced that it has signed a framework agreement with Greenko regarding partial acquisition of shares in Greenko.
Greenko is one of the two major Indian renewable energy operators; it manages renewable power generation facilities with a total capacity of 6.9GW in operation—including solar, wind, and hydro—and has an additional capacity of more than 8GW either under construction or in development. Greenko has long-term power purchase agreements (PPA) averaging over 20 years with India’s government-run agencies, state-owned power companies, and other entities, providing a stable income base while achieving further growth to meet India’s long-term goals of achieving energy sustainability and independence.
ORIX is committed to contributing value to society through its business activities. International expansion of its renewable energy business is a key management strategy in its efforts to realize a sustainable society.
In December 2020, ORIX agreed to acquire Elawan Energy S.L., a global renewable energy business headquartered in Spain. When combined with existing assets, ORIX’s global renewable energy portfolio boasts a total installed generating capacity of approximately 3.3GW (3,300MW) including solar, wind, hydro, geothermal, and other resources. Going forward, ORIX intends to use the experience and expertise it has cultivated to further expand its renewable energy business both within Japan and across the globe.