GLOBAL INFRASTRUCTURE PARTNERS III ANNOUNCES AGREEMENT TO ACQUIRE 100% OF EQUIS ENERGY ALONGSIDE PSP INVESTMENTS AND CIC CAPITAL
New York, Oct. 24, 2017 (GLOBE NEWSWIRE) — Global Infrastructure Partners (“GIP”), a leading independent global infrastructure investor, announced today 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 (“CIC Capital”) 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 (“Equis Energy”) for USD3.7 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.
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.”
About Global Infrastructure Partners
GIP is an independent infrastructure fund manager that combines deep industry expertise with industrial best practice operational management. GIP’s current equity fund, Global Infrastructure Partners III, makes equity investments in high quality infrastructure assets in the energy, transport and water/waste sectors where GIP possesses deep experience and strong relationships.
For more information, visit www.global-infra.com
About PSP Investments
PSP Investments is one of Canada’s largest pension investment managers with C$135.6 billion of net assets under management as at March 31, 2017. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt.
PSP Investments is committed to renewable energy, with six direct investments and net owned capacity of approximately 3 GW. Its investment strategy in the renewables space complements its diversified global portfolio, adding the potential for increased returns with decreased risk, and a lower carbon footprint.
For more information, visit www.investpsp.com
About CIC Capital
CIC Capital, a wholly-owned direct subsidiary of China Investment Corporation (“CIC”), was incorporated in January 2015 with a mandate to specialise in making direct investments to refine CIC’s overall portfolio management and enhance investment on long-term assets. As CIC’s direct investment arm, CIC Capital is mandated to make direct investments and manage bilateral and multilateral fund investment in order to pursue long-term returns and promote international investment cooperation. CIC Capital is a market-oriented commercial entity with a specialised mandate and global reach.
For more information, visit www.china-inv.cn
Jack Cowell Global Infrastructure Partners 212 315 8133 Jack.Cowell@global-infra.com