The transaction also includes assumed liabilities of Equis Energy amounting to $1.3bn.
In October last year, Global Infrastructure Partners III, a fund managed by Global Infrastructure Partners (GIP), along with the Public Sector Pension Investment Board of Canada and CIC Capital Corporation, had reached an agreement to acquire of Equis Funds Group (Equis Energy).
Singapore-based renewable energy independent power producer, Equis Energy has 11,135MW of projects in operation, construction and development across Asia Pacific region including Australia, Japan, India, Indonesia, the Philippines and Thailand.
The company is involved in all activities of the renewable project value chain, including origination, permitting, design, procurement, construction, financing and operations.
GIP said that the acquisition positions it as one of the dominant renewable energy developers in the key Organisation for Economic Co-operation and Development (OECD) growth markets of Australia and Japan, as well as across India and South-East Asia.
GIP chairman and managing partner Adebayo Ogunlesi 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. 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.”
At the time of announcement of the deal, the acquisition was expected to be completed in the first quarter of 2018.
PSP Investments, which manages a diversified global portfolio, has six direct investments in renewable energy, and net owned capacity of 3GW. CIC Capital is a wholly-owned subsidiary of China Investment Corporation.
