IX - ORIX shells out nearly $1B for overseas renewable play

ORIX (IX) has agreed to buy Spain's Elawan Energy, marking the Japanese conglomerate's first deal to acquire a majority stake in an overseas renewable power company, Bloomberg reports.The transaction, which will see Orix purchase an 80% stake from Elawan’s management and Spanish industrial company Acek, is expected to close in the second quarter of 2021. With an additional capital injection later, the deal is worth about ¥100B ($965M).The purchase will expand Orix's global renewable energy operations as it broadens a business portfolio that ranges from leasing to banking and real estate.Elawan, set up in 2007, develops and operates wind and solar power projects in Europe and the Americas. It has 714 MW of operational projects, more than 460 MW under construction and a development pipeline of over 10 GW."ORIX Corporation's medium-term ROE target of 11% or higher will be supported by both portfolio optimization and capital return initiatives," The Value

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ORIX shells out nearly $1B for overseas renewable play