IL&FS sells 874MW portfolio to Orix

Infrastructure Leasing and Financial Services (IL&FS) has sold its 51% stake in its 874MW wind power portfolio to minority partner Orix.

Orix will take on the full 874MW it shared with IL&FS

Japan’s Orix Corporation was the minority partner with 49% stake in IL&FS’s project development arm.

After the bankruptcy of the parent IL&FS, the assets were put up for sale and attracted many suiters.

In a public process, Gas Authority of India Limited (GAIL) emerged as the highest bidder with an offer of $675 million for 100% enterprise value.

However, Orix exercised its right under a pre-defined agreement, which allowed it to acquire the assets by matching the highest bid.

Orix offered to take up the existing debt and a cash consideration of $115 million.

IL&FS’ bankruptcy resolution is being monitored by the courts.