Independent infrastructure fund manager Global Infrastructure Partners has agreed to acquire Asia-Pacific’s largest independent renewable energy power producer Equis Energy for a record $5 billion, the largest renewable energy acquisition ever made.
Announced on Wednesday, Global Infrastructure Partners (GIP) announced that it would acquire, in cash, Equis Energy for $5 billion, subject to the customary regulatory approvals, a transaction which is expected to be completed in the first quarter of 2018. GIP — which already boasts a $40 billion portfolio with assets including the London City and Edinburgh Airports in the UK, the Ports of Brisbane and Melbourne in Australia, and the 330 MW (megawatt) Gode Wind 1 Offshore Wind Farm developed by DONG Energy — will now add Equis Energy, the largest renewable energy independent power producer (IPP) in the Asia-Pacific Region to its bounty, a company with more than 180 assets including 11,135 MW worth of renewable energy projects in operation, under construction, or in development across Australia, Japan, India, Indonesia, the Philippines, and Thailand.
Little wonder then that the $5 billion price tag goes down as the largest ever renewable energy acquisition made so far.
The Equis Energy portfolio currently includes 1.9 GW (gigawatts) worth of operational, construction, and shovel-ready solar PV and onshore wind assets, as well as a long-term developmental pipeline comprised of more than 115 projects and representing 9.1 GW of capacity. Founded in 2012, Equis Energy currently employs more than 300 industry-leading experts.
“The investment by GIP and its partners is exciting news for the development of renewable energy in the Asia‐Pacific,” said David Russell, CEO of Equis and Chairman of Equis Energy. “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.”
“We are excited by the new investment in Equis Energy which is a strong fit with GIP’s global renewable investment strategy,” added Adebayo Ogunlesi, Chairman and Managing Partner of GIP. “Equis Energy is a unique success story in the APAC region as it has systematically executed its growth strategy since its founding five years ago. In that period, Equis Energy has become one of the leading renewable energy platforms in the region, with a best-in-class business model, a high-quality asset portfolio and an outstanding management team. 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.”
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