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Infrastructure Leasing & Financial Services Ltd (IL&FS) said on Wednesday it has entered into a joint venture with ORIX Corp to set up wind energy projects in India.
ORIX, one of the world’s largest diversified financial services groups based in Japan, has been a significant shareholder in IL&FS since 1993.
ORIX on Wednesday said it has invested 49% of the equity of the wind platform of IL&FS aggregating to 1,004 megawatt (MW), of which 775 MW is operational, and the balance is under construction.
The JV will also set up 2,000 MW of solar power generation capacity, IL&FS said.
ORIX is a major player in the renewable energy business in Japan which includes solar, wind, biomass, power trading and retailing. It is also one of the largest corporates in the Japanese solar power generation market with a 1 gigawatt (GW) portfolio.
India has a target of installing 100 GW of solar capacity and 60 GW of wind capacity by 2022.
“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 ORIX president and chief executive Makoto Inoue.
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