Financial services group Orix Corporation has formed a joint venture with IL & FS to expand renewable energy business in India with a special focus on wind energy, a company statement said here on Wednesday.
The partnership is targeted to also implement 2,000 MW of solar power generation capacity.
"Orix has invested in 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," the statement said.
"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," said Makoto Inoue, president and CEO of Orix Corporation.
"IL & FS has evolved as one of the larger and more dependable players in the renewable space with more than one GW of operating and under commissioning capacity in wind, solar, and waste to energy projects," Ravi Parthasarathy, chairman, IL&FS, said.
"With this experience and track record, 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," Parthasarathy said.
