ORIX USA, a division of leading integrated financial services group ORIX Corporation (ORIX), announced today its acquisition of a newly constructed 17.5-megawatt (MW) solar energy project, located in western Nevada. The acquisition is part of ORIX’s growing renewable energy business in the U.S.
Situated on an 80-acre site, the solar facility will supply electricity to Valley Electric Association (VEA), a member-owned electric cooperative headquartered in Pahrump, Nevada, with a 6,800-square-mile service territory adjacent to the California-Nevada border.
“This project is a great addition to our growing renewable energy portfolio,” said Barry Gold, Managing Director and Head of ORIX Infrastructure and Renewable Energy. “The project not only provides tax benefits that we can utilize efficiently, but also should provide long-term, stable cash flow stemming from the generation of renewable power—a win for our shareholders as well as for the environment.”