The $5bn cost of the acquisition also includes assumed liabilities of Equis Energy amounting to $1.3bn.
Equis Energy is a Singapore-based independent power producer for the Asia-Pacific region (APAC) and has more than 180 assets with 11.13GW in operation, construction and development across APAC regions including Australia, Japan, India, Indonesia, the Philippines and Thailand.
Employing more than 300 people, it has 15 offices across Asia. In June last year, Equis Energy commissioned two solar projects in Sadasivpet and Minpur, in the southern state of Telangana, India, which cumulatively generate about 130MW of energy.
The acquisition is expected to position GIP as one of the dominant renewable energy developers in the key OECD growth markets of Australia and Japan, as well as across India and South-East Asia.
At the time of the announcement of the deal, GIP chairman and managing director 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 5 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."
The acquisition was announced back in last October. At that time, GIP stated that subject to customary closing conditions, the acquisition could be completed in the first quarter of this year.
Image: GIP completes acquisition of Equis Energy. Photo: Courtesy of kongsky/FreeDigitalPhotos.net.
