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IL&FS concludes sale of wind energy assets to Orix Corpn

Friday, 18 Oct 2019
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IL&FS and its group entities have completed the sale of its wind energy assets to Orix Corporation of Japan for Rs 4,900 crore. IL&FS has concluded the sale of its 51 percent stake in seven special purpose vehicles (SPVs) under Wind Energy Assets portfolio to Orix Corporation.

The transaction marks the completion of the first set of resolution under the new board. The seven operating wind power SPVs, with 874 MW of generation capacity, were held under IL&FS Wind Energy (IWEL), a subsidiary of IL&FS.

The proceeds towards stake sale have been duly received by IL&FS and share transfer has been completed. Orix Corporation is now the 100 percent owner of the wind assets and the board of these underlying companies has been reconstituted with Orix Corporation’s nominees.

The amount has been received in the escrow accounts of IL&FS Group companies, IWEL and IEDCL, as per the order of the National Company Law Tribunal (NCLT).

The sale to Orix Corporation completes the resolution of the the seven SPVs of the IL&FS Group -- Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy. Orix Corporation initially had 49 percent stake in the wind energy assets. In the bidding process for the rest of 51 percent stake, GAIL (India) emerged as the highest bidder with an offer of Rs 4,800 crore for 100 percent enterprise value.

Later, Orix Corporation expressed its intent to buy out IL&FS' 51 percent stake in IWEL through exercising its right under the terms of an existing memorandum of understanding (MoU).

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