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<p><a href="https://www.orix.co.jp" target="_blank" rel="noopener noreferrer">Orix</a>, a financial services group headquartered in Tokyo, has announced that it will acquire 51% stake in seven wind power generating subsidiaries which it jointly owns with <a href="https://www.ilfsindia.com/our-work/energy/" target="_blank" rel="noopener noreferrer">Infrastructure Leasing &amp; Financial Services Wind Energy Ltd</a> (IWEL).</p>
<p>IWEL is the wholly-owned subsidiary of IL&amp;FS Energy Development Company Limited which, in turn, is a subsidiary of Infrastructure Leasing &amp; Financial Services Limited (IL&amp;FS), Telangana-based infrastructure development and investment company in which Orix has a significant share.</p>
<p>Orix and IL&amp;FS are looking towards obtaining all necessary approvals to turn these seven subsidiaries into Orix’s wholly-owned subsidiaries.</p>
<p>Orix has owned 49% of the shares of seven Special Purpose Vehicles (SPVs) with the aim of developing its wind power generation business in India. These seven SPVs operate wind power projects with a combined capacity of 873 MW in seven states mainly in the southern and western parts of India, where wind conditions are particularly favorable.</p>
<p>According to the company’s statement, “In future, India’s wind power generation market is expected to experience high growth. For this reason, Orix has moved to purchase the remaining 51% of the shares of each of the seven SPVs owned by IWEL, and turn them into wholly-owned subsidiaries.”</p>
<p><a href="https://mercomindia.com/mitsui-acquire-mahindra-groups-cleantech-arm/" target="_blank" rel="noopener noreferrer">In a similar development a couple of months ago</a>, Japanese trading and investment company <a href="https://www.mitsui.com/jp/en/index.html" target="_blank" rel="noopener noreferrer">Mitsui &amp; Co Limited</a> announced that it had entered into an agreement with Indian engineering, procurement, and construction company (EPC), <a href="https://www.mahindrasusten.com/" target="_blank" rel="noopener noreferrer">Mahindra Susten</a>, to develop and operate distributed solar projects in India jointly. Mitsui has acquired a 49% stake in Marvel Solren Private Limited, a Mahindra company that already has a portfolio of 16 MW of distributed solar.</p>
<p>In <a href="https://mercomindia.com/ilfs-sell-stakes-assets-solar-wind/" target="_blank" rel="noopener noreferrer">November</a> 2018, the IL&amp;FS announced that it is going to achieve the resolution of the IL&amp;FS group through certain measures, including asset divestments.  Of the energy assets, operating wind power generating projects with an aggregate capacity of 873.5 MW, as well as under-construction wind power projects with a total capacity of 104 MW were proposed to be sold.</p>
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<p>Image credit: IL&amp;FS</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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IL&FS Sells Seven Wind Power Subsidiaries Totaling 873 MW to Japan’s Orix

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