Orix Corp, the Japanese provider of financial services ranging from leasing to insurance, plans to invest up to 80 billion yen ($1 billion) in China over two years in water, machinery and renewable energy, Bloomberg reported.

Through private-equity deals, Orix aims to buy stakes in Chinese companies that provide infrastructure such as sewage treatment and solar-power plants, President Makoto Inoue said on Aug 3, according to Bloomberg.

The Tokyo-based company plans to buy aircraft and ships to expand leasing services, he added.

Inoue said Orix is looking to invest in water-treatment firms in China's inland areas. Bloomberg reported.

The Japanese company unveiled plans in May to buy a 14.5 percent stake in Hong Kong-based China Water Affairs Group Ltd.

For private-equity business, Inoue said their strategy is to exit within five years after their initial investment by offering shares or selling stakes.