ORIX Partners IL&FS to Expand the Wind Energy Platform
ORIX Corporation, one of the world’s largest, internationally diversified, financial services Groups domiciled in Japan, has expanded its presence in the renewable energy sector, through a joint venture with IL&FS for the Wind Energy business in India.
ORIX Corporation, one of the world’s largest, internationally diversified, financial services Groups domiciled in Japan, has expanded its presence in the renewable energy sector, through a joint venture with IL&FS for the Wind Energy business in India. The partnership is targeted to also implement 2,000 MW of solar power generation capacity. This enhances the partnership between ORIX and IL&FS : Since 1993, ORIX has been a significant shareholder in IL&FS
ORIX has invested in 49% of the equity of the Wind Platform of IL&FS aggregating to 1,004 MW, of which 775 MW is operational, and the balance is under construction. ORIX is a major player in the renewable energy business in Japan which, inter-alia, includes Solar, Wind, Biomass, Power Trading & Retailing. ORIX is also one of the largest Corporates in the Japanese solar power generation market with a 1 GW multi-location portfolio. ORIX Group is committed to contribute in resolving environmental and energy issues through business operations that meet the needs of customers and society across both developed and developing nations
The pro-active policy of the Government of India on renewable energy has attracted international investors. “The larger vision of the Government to scale up investment in the sector is attracting long term strategic partners like us to invest in India. We are very pleased that our partnership with IL&FS would diversify our portfolio into a fast growing country like India” said Mr Makoto Inoue, President & CEO of ORIX Corporation
Mr Ravi Parthasarathy, Chairman, IL&FS said “IL&FS has evolved as one of the larger and more dependable players in the renewable space with more than I GW of operating and under commissioning capacity in Wind, Solar, and Waste to Energy projects. With this experience and track record, the financial and strategic partnership of ORIX in this sector will accelerate our initiatives significantly, given our current development pipeline of an additional 1,000 MW in wind energy assets”