Equis Funds Group has sold its entire portfolio of wind and solar renewable energy assets to a consortium led by a Global Infrastructure Partners (GIP) fund, including China Investment Corporation and Canada鈥檚 PSP Investments, for US$5bn (鈧�4.25bn).
The transaction includes assumption of debt liabilities of US$1.3bn and is the largest in the renewable energy generation sector in history, Equis said.
The acquisition makes GIP 鈥� which raised US$15.8bn for its latest global infrastructure fund 鈥� a dominant renewable energy developer in Australia, Japan, India and Southeast Asia.
Singapore-based Equis Energy is the largest renewable energy independent power producer in the region, with more than 180 assets, comprising 11,135MW, either in operation, in construction or in development in Asia-Pacific.
Equis Energy has an expansion programme and in August unveiled the largest solar farm in Australia. It has allocated AUD400m (鈧�262m) in two other renewable energy projects in the country.
Adebayo Ogunlesi, GIP鈥檚 chairman and managing partner, said: 鈥淓quis Energy is a unique success story in the APAC region as it has systematically executed its growth strategy since its founding five years ago.
鈥淲e 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.鈥�
Several parties 鈥� understood to include Japan鈥檚 Softbank and Royal Dutch Shell 鈥� competed to acquire the business.
The Equis Energy transaction is expected to close in the first quarter of 2018.
