Pacific Hydro has 19 hydroelectric and wind generation facilities in Chile, Australia and Brazil with a total generation capacity of 900MW.
Owned by the IFM Australian Infrastructure Fund, Pacific Hydro also sells electricity and carbon abatements products to customers in select markets.
Pacific Hydro’s renewable energy projects will be an addition to SPIC’s total installed capacity of over 100GW.
Subject to customary conditions, the acquisition is expected to be completed in the first quarter of 2016
SPIC chairman Wang Binghua said: "The acquisition of Pacific Hydro will add a high quality global renewable development platform to SPIC.
"SPIC is committed to maintaining the stability of Pacific Hydro’s current business and management team, as well as supporting expansion through the pipeline of development projects".
With around $113bn in total assets, SPIC currently has presence in 35 countries and regions overseas including Malta, Japan, Turkey, Vietnam, and several others.
IFM Investors infrastructure global head Kyle Mangini said: "IFM Investors’ Australian Infrastructure Fund has been a proud, long-term owner of Pacific Hydro and invested heavily in growing the business over the last 10 years."
Image: Pacific Hydro develops hydro, wind, solar and geothermal power projects. Photo: courtesy of Victor Habbick / FreeDigitalPhotos.net.
