GIP-led group acquires 100% of Equis Energy

Global Infrastructure Partners (GIP), an independent global infrastructure investor, has announced that its fund, Global Infrastructure Partners III - in conjunction with the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, CIC Capital Corporation and a group of its other Limited Partner Co-Investors - has agreed to acquire 100 percent of the equity interests in the wind and solar renewable energy portfolio of Equis Funds Group for US$3.7 billion.

Equis Energy is one of the largest renewable energy independent power producers in the Asia-Pacific region (APAC). Equis Energy is headquartered in Singapore and operates in several of the largest and fastest-growing renewable markets in APAC, including Japan, Australia, Indonesia, the Philippines, India and Thailand. Equis Energy invests in countries with favourable regulatory regimes and supportive power market dynamics. As of today, Equis Energy has developed a portfolio of 1.9 GW of operational, construction and shovel-ready solar PV and onshore wind assets. In addition, Equis Energy owns a promising long-term development pipeline comprised of over 115 projects representing 9.1 GW.

Equis Energy places a strong emphasis on building strong management capabilities in each country.  It employs over 300 dedicated professionals with industry-leading sector expertise. Its management capabilities span the entire renewable project value chain: origination, permitting, design, procurement, construction, financing and operations. Since its inception in 2012, Equis Energy has organically developed and built 100 percent of its portfolio. The company is focused on retaining full control of its projects, which has resulted in superior speed of execution and an enhanced success rate for its development projects. This operating strategy has driven the strong growth of the platform. The operating assets generate stable earnings, which are underpinned by fixed, long-term offtake agreements.

The Equis Energy Transaction is subject to customary regulatory closing conditions, and is expected to close in the first quarter of 2018.

The transaction is the largest renewable energy generation acquisition in history and positions GIP as a dominant renewable energy developer in the key OECD growth markets of Australia and Japan, as well as across India and South‐East Asia. 

Adebayo Ogunlesi, Chairman and Managing Partner of GIP 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 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.”

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.”