December 28, 2020

ORIX to Acquire Elawan Energy S.L., a global renewable energy company headquartered in Spain

Author One

TOKYO, Japan – December 28, 2020 - ORIX Corporation (“ORIX”) today announces that it has entered into an agreement to invest in Elawan Energy S.L. (“Elawan”), a global renewable energy company headquartered in Madrid, Spain focused on the development and ownership of wind and solar PV power plants.

Through its wholly owned subsidiary ORIX Corporation Europe N.V., ORIX will acquire an 80% stake in Elawan. The founders of Elawan, Acek Renewables and CEO Dionisio Fernandez will continue to retain a 20% stake in the business. The transaction is expected to close in the second quarter of 2021, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.

Elawan has an extensive track record of successfully delivering wind and solar PV projects with over 2,900 megawatts of projects developed globally since its incorporation in 2007. Elawan is active in 14 countries globally, with its core activities in Europe together with North and South America and today has 714 megawatts of operational projects, 461 megawatts under construction and a development pipeline of over 10 gigawatts. A strength of Elawan’s business model are its global operations across the entire value chain of the renewable energy sector, from development through to financing, construction and operation.

“We welcome Elawan to the ORIX Group and this acquisition is an important milestone to accelerate our corporate strategy of contributing to build a sustainable society,” said Hidetake Takahashi, the Head of Energy and Eco-Services Business Headquarters. “Elawan is an ideal platform to further support the growth of ORIX renewable energy business globally”.

“We look forward to working with ORIX at this exciting time for Elawan to continue our global expansion,” said Dionisio Fernandez, Elawan CEO. “Elawan management team is fully committed to enter into this new era of accelerating the growth of the Company”.

Jon Riberas, Co-Chairman of Acek declared: “We are pleased to welcome ORIX as the perfect partner for Acek in this new challenge. We believe ORIX and Acek working together in Elawan with a shared long term vision and expertise in renewable energies, will deliver continued and newfound success for the business”

ORIX is an active investor in ESG focused companies globally and ORIX’s investment in Elawan will further strengthen our track record:

In 2017, ORIX acquired NYSE listed Ormat Technologies, Inc. *1 (NYSE:ORA), a vertically integrated geothermal power company. (approximately a 19.7% equity stake, as of December 2020)

In 2020, ORIX signed a framework agreement with Greenko Energy Holdings*2 (“Greenko”) — a leading renewable energy company in India —regarding the acquisition of a 20% equity stake in Greenko; and

In 2020, ORIX announced the acquisition of a 70% equity stake in London headquartered alternative asset manager Gravis Capital Management Ltd. *3 which manages infrastructure investments including renewable energy assets and real estate.

ORIX and Elawan will bring together the track record and expertise to develop, own and operate renewable energy assets, also complementing geographically to develop a global renewable energy business.

Under the momentum of greenhouse gas zero emission achievement for 2050 has been increasing globally, ORIX is committed to be a global renewable energy operator and will contribute to achieve a sustainable society through its business activities.

*1 ORIX to Acquire 22% Ownership Stake in Ormat from FIMI and Bronicki Investments and Simultaneously Enter into Strategic Partnership with Ormat (May 8, 2017)

*2 ORIX Signs Framework Agreement Regarding Investment in Major Indian Renewable Energy Operator Greenko Energy (September 11, 2020)

*3 ORIX to Acquire Gravis Capital Management (December 4, 2020)

Overview of Elawan Energy, S.L.


Elawan Energy, S.L.

Head office

Madrid, Spain


Dionisio Fernández Auray (Founder and CEO)



Description of business

Development and operation of wind and solar power generation


€87million (as of December 2019)

Total Asset

€737million (as of December 2019)


ORIX 80%, ACEK Renewables 14%, Clear Wind 6% 
*4 equity stake ratio is after the acquisition