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Orix to buy out 51% controlling stake in IWEL’s wind power plants

Orix, IL&FS Wind Energy Limited, IWEL

The seven wind power plants owned by IWEL are in the form of special purpose vehicles with a total generation capacity of 874 MW

Japanese financial company Orix which owns a 49 percent stake in each of the seven operating wind power plants of IL&FS Wind Energy Limited (IWEL) is planning to acquire the remaining 51 percent stake as well. The seven wind power plants owned by IWEL are in the form of special purpose vehicles (SPVs). They are spread across 12 states in India with a total generation capacity of 874 MW.

IL&FS said in a statement, “The intent to buy 51 per cent stake is in exercise of Orix’s right under the terms of an existing MoU wherein Orix can match the price offered by the highest bidder for purchasing IWEL’s stake in the wind SPVs.”

The sale completion of SPVs to Orix will have to meet all compliances and approvals, including the approval of National Company Law Tribunal (NCLT), in accordance with the proposed framework. The group expects the deal to close by the end of June 2019. Orix will then become the sole owner of the seven wind power plants.

IL&FS expressed its intent to sell a controlling stake in the power plants last year by enabling interests in the industry. The sale proceeds will be distributed to the relevant stakeholders according to the resolution framework.

The group’s board has initiated the sale of a number of assets in an effort to reduce its debt. Previously, it said that Gail, the largest state-owned natural gas processing and distribution company in India, emerged as the highest bidder. According to Moneycontrol, Gail was willing to offer $48 billion for 100 percent of the company value.

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