Largest Renewable Energy Deal: Equis Energy Sells 100% Portfolio To US Based GIP For $5 Billion
According to a report, GIP would own a stake of 50% in Equis, while Public Sector Pension (PSP), Canada’s largest pension investment manager and CIC Capital Corporation, who are among the other co-investors would each own between 10% and 20%
Recorded as the largest energy acquisition deal in renewable energy sector ever, Singapore based Equis Energy is selling its entire 11,135 MW of energy portfolio to US based fund Global Infrastructure Partners (GIP). The sale of 100 per cent Equis Energy has closed at $5 billion to GIP and co-investors.
Equis Energy is the largest renewable energy Independent Power Producer (IPP) in the Asia‐Pacific with portfolios across Australia, Japan, India, Indonesia, the Philippines and Thailand. According to Reuters report, GIP would own a stake of 50 percent in Equis, while Public Sector Pension (PSP), Canada’s largest pension investment managers and CIC Capital Corporation, who are among the other co-investors, would each own between 10 percent and 20 percent.
The transaction is expected to close in the first quarter of 2018.
David Russell, CEO of Equis and Chairman of Equis Energy said, “The investment by GIP and its partners is exciting news for the development of renewable energy in the Asia‐Pacific. GIP has a strong track record of managing and growing utility‐scale infrastructure businesses, and the combination of experience and knowledge across GIP and the existing management team will allow Equis Energy to continue expanding competitively across its target markets.”
In India, Equis operates its assets through two companies – Energon and Energon Soleq. It has a portfolio of 900 MW which includes- 414 MW of wind projects across Madhya Pradesh, Andhra Pradesh, Maharashtra, Karnataka and Gujarat, 160 MW solar projects in Telangana and Karnataka and the rest of 356 MW under development in India.
As the Asian economies put thrust on renewable energy, complimented by the falling costs, the company attracted lot of global interest because of its strong renewable portfolio presence in the Asian market.
“We look forward to continuing the Equis Energy success story in the years to come and to supporting new growth opportunities in one of the most promising renewable energy markets in the world,” said Adebayo Ogunlesi, Chairman and Managing Partner of Global Infrastructure Partners.
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