IL&FS completes sale of wind energy assets to Orix Corporation for Rs 48 billion

Infrastructure Leasing & Financial Services (IL&FS) has completed the sale of its wind energy assets to Japan-based Orix Corporation for Rs 48 billion, helping the company to pay its debt. IL&FS has sold 51 per cent stake in seven SPVs under its wind energy assets portfolio to Orix Corporation. The transaction marks the resolution of the first set of assets under the new board. The seven operating wind power SPVs, with 874 MW of generation capacity, were held under IL&FS Wind Energy Limited, an IL&FS subsidiary. The transaction has resolved debt of over Rs 43 billion – Rs 35.37 billion (as on October 15, 2019) of debt in SPVs transferred, IL&FS gets Rs 5.93 billion in cash for its equity and Rs 2.16 billion for its debt in these SPVs.