Equis Development Ltd (EDL), an Asia Pacific renewable energy and waste infrastructure developer and operator, is raising $1.25 billion collectively from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Ontario Teachers’ Pension Plan Board, and the Equis management team.
The parties executed a binding documentation on Thursday, according to a press statement.
Singapore-based EDL, part of the Equis Group, was established in 2019 to pursue and secure complex development stage projects.
Following the capital raised, Singapore-based EDL will finance and be responsible for every stage of an asset’s lifecycle from origination, procurement, construction, engineering, and development through to operations and maintenance, asset management, and performance optimisation.
“EDL plans to commit over $2 billion into renewable energy and waste infrastructure assets across Australia, Japan, and South Korea over the next two years,” said Lance Comes, EDL managing director.
Currently, the company is developing and constructing around 40 assets across the three countries. Besides, EDL is rapidly expanding its management team of more than 60 engineering, investment, and development professionals to support its expansion plan.
“We believe there is a significant opportunity to support the growth of renewable energy infrastructure in Asia Pacific,” Khadem AlRemeithi, executive director of the Real Estate & Infrastructure Department at ADIA said.
Besides, EDL’s operational focus is seen to fit Ontario Teachers’ greenfield and renewables strategy, according to its regional managing director, Asia-Pacific, Ben Chan.
EDL’s focus is developing, constructing, and operating primary and hybrid renewable energy and biomass generation, power grid distribution, and transmission and waste infrastructure assets.
In the near future, EDL expects to maintain its leading position within the Asian renewable energy and biomass power generation markets. The company has also already entered the waste infrastructure market, with similar growth expectation.
In March 2020, EDL announced its investments into the South Korean hybrid solar and battery storage project, the Jara 1 Solar Project, in Sinan Municipality, South Jeolla Province. Besides, the firm also raised a 100 billion won ($90 million) equity capital raise with Hana Financial Investment, to construct a portfolio of four waste-to-energy facilities in South Korea.
In August 2020, EDL sold two biomass projects in Japan to natural gas provider Tokyo Gas Co Ltd. EDL has developed over 200 renewable energy and waste infrastructure projects across the region.