IL&FS recently said that Japan-based financial services Group ORIX Corp has set up a joint venture with it to expand presence in wind energy and plans to implement 2,000 MW solar power projects in India. “ORIX Corporation… has expanded its presence in the renewable energy sector, through a joint venture with IL&FS for the Wind Energy business in India,” IL&FS said. According to the statement, the partnership is also targeted to implement 2,000 MW of solar power generation. ORIX has invested 49 percent 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 renewable energy business in Japan including solar, wind, biomass, power trading and retailing. ORIX is also one of the largest corporates in 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 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 President & CEO of ORIX Corporation Makoto Inoue in statement. IL&FS Chairman Ravi Parthasarathy said: “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.”