Orix Invests in 1 Gigawatt of Wind Projects in India With IL&FS

Orix Corp., a Tokyo-based finance and leasing company that’s also a clean-energy developer, is investing in more than 1 gigawatt of wind power projects in India with Infrastructure Leasing & Financial Service Ltd.

Orix agreed to acquire a 49 percent stake for more than 20 billion yen ($177 million) in a wind project company set up by IL&FS, Atsushi Horii, a spokesman for Orix said by phone Thursday.

The wind company already has 775 megawatts of capacity operating and 229 megawatts scheduled to begin by September, Orix said in a statement Thursday. The number of wind-power stations will eventually total 26 across 7 states.

The generated power will be mainly sold to state power companies under a feed-in tariff program and also to commercial-scale utility customers, according to the statement.

The Nikkei newspaper reported Thursday that the total cost of the projects will be about $1 billion. Horii declined to comment on the cost.

Orix has a 23.5 percent stake in IL&FS, according to the statement.

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