October 25 (Renewables Now) - Investors led by Global Infrastructure Partners (GIP) have inked a binding deal to take over Singapore-based Equis Energy in what the target says is “the largest renewable energy generation acquisition in history”.
Global Infrastructure Partners III has signed an agreement to buy Equis Energy for USD 5 billion (EUR 4.25bn) in cash, including USD 1.3 billion in assumed liabilities. Canada’s Public Sector Pension Investment Board (PSP Investments) and China’s CIC Capital Corporation are co-investors in this transaction, according to press statements.
The acquisition is pending regulatory clearance and is seen closing in the first quarter of 2018.
Equis Energy is an independent power producer doing business in the Asia-Pacific region. As of today, the company’s portfolio includes about 1,900 MW of operational, construction and shovel-ready solar photovoltaic (PV) and onshore wind assets. They are located across Australia, Japan, India, Indonesia, the Philippines and Thailand. Moreover, the firm has a pipeline of over 115 projects in development that represent a further 9,100 MW.
“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 GIP.
(USD 1.0 = EUR 0.850)