Japanese leasing firm Orix to buy 7 wind power plants in India
NEW DELHI, NNA – Japanese leasing firm Orix Corp. plans to buy its partner’s share of seven wind power plants in India, anticipating growing demand for renewable energy.
Orix already has a 49-percent stake in each of the seven companies operating the plants and will buy the remaining 51 percent of shares held by its local partner IL&FS Wind Energy Ltd., said an Orix spokeswoman in Tokyo.
The seven plants have combined generation capacity of 874,000 kilowatts, according to a statement from the parent company, Infrastructure Leasing & Financial Service Ltd.
Orix said some of the plants are in the central state of Madhya Pradesh and others are in the southern state of Karnataka.
The share transaction, expected to close by the end of June, is estimated at 5.6 billion rupees ($80 million), the parent company said.
The state-owned gas company GAIL Ltd. had offered 48 billion rupees for the seven plants, including their combined debt of 37 billion rupees.
Orix said it will exercise its right to purchase the holdings at that price.