The deal amount includes $1.3bn of liabilities of Equis Energy, which will assumed by GIP and its co-investors. The acquisition is expected to be closed in the first quarter of next year, subject to customary regulatory approvals.
Based in Singapore, Equis Energy is considered to have one of the largest renewable energy portfolios in the Asia-Pacific region, with more than 180 assets in operation, construction and development across Australia, Japan, India, Indonesia, the Philippines and Thailand.
Global Infrastructure Partners chairman and managing partner Adebayo Ogunlesi said: “We are excited by the new investment in Equis Energy, which is a strong fit with GIP’s global renewable investment strategy. Equis Energy is a unique success story in the APAC region as it has systematically executed its growth strategy since its founding 5 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."
The acquisition is expected to position GIP as one of the major renewable developers across Australia, Japan, India and South-East Asia.
Equis CEO and Equis Energy chairman David Russell said, “The investment by GIP and its partners is exciting news for the development of renewable energy in the Asia-Pacific."
Credit Suisse (Singapore) and JP Morgan (S.E.A.) served as financial advisors to Equis Energy in the transaction.
Employing over 300 professionals, Equis Energy operates from 15 Asian offices. It owns a long-term development pipeline comprised of more than 115 projects with 9.1GW capacity.
Image: GIP to acquire Equis Energy for $5bn. Photo: Courtesy of Anusorn P nachol/FreeDigitalPhotos.net.
