Orix Corp., a provider of financial services ranging from leasing to insurance, plans to invest as much as ¥80 billion ($1 billion) in China over two years in water, machinery and renewable energy.

Through private-equity deals, Orix aims to buy stakes in Chinese companies that provide such infrastructure as sewage treatment and solar-power plants, President Makoto Inoue said on Wednesday. The Tokyo-based company plans to buy aircraft and ships to expand leasing services, he said.

Orix is looking to China as growth in Asia's biggest economy places a strain on the environment and energy resources. Developing nations will need financing of $776 billion a year through 2020 to meet demand for power, water and sanitation, according to the Asian Development Bank Institute.