Global Infrastructure Partners has teamed with Canada’s Public Sector Pension Investment Board, CIC Capital Corporation and a group of its LP co-investors to pick up Asia-Pacific renewable energy major Equis Energy for $3.7bn.
GIP tapped its mammoth $15.8bn third fund for the deal, which is expected to close in the first quarter of next year.
Singapore-headquartered Equis has developed a portfolio of 1.9GW of operational, construction and shovel-ready solar PV and onshore wind assets, and has owns a long-term development pipeline of over 115 projects representing 9.1GW.
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.”
GIP closed its third fund in January this year, massively outstripped the already hefty $8.25bn it gathered for its last fund in 2012.
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