<article>US-headquartered infrastructure fund manager <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/stories/singapores-gic-changi-airport-malaysia-airports-among-suitors-for-frances-nice-and-lyon-airports-11803/" target="_blank" rel="noopener">Global Infrastructure Partners (GIP)</a> has agreed to acquire Singapore-based renewable energy producer <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/stories/equis-said-seek-binding-bids-4-billion-power-assets-80167/" target="_blank" rel="noopener">Equis Pte</a> for $5 billion.</article>

US-headquartered infrastructure fund manager <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/stories/singapores-gic-changi-airport-malaysia-airports-among-suitors-for-frances-nice-and-lyon-airports-11803/" target="_blank" rel="noopener">Global Infrastructure Partners (GIP)</a> has agreed to acquire Singapore-based renewable energy producer <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/stories/equis-said-seek-binding-bids-4-billion-power-assets-80167/" target="_blank" rel="noopener">Equis Pte</a> for $5 billion.
The deal, which the two parties claim to be the largest renewable energy generation acquisition in history, will springboard GIP as a dominant renewable energy developer in the OECD growth markets of Australia and Japan, as well as across India and Southeast Asia, an announcement said on Wednesday.
The companies executed the binding documentation for the sale of 100 per cent of Equis Energy for $5 billion including assumed liabilities of $1.3 billion in cash to GIP and co-investors. According to a report from Reuters, GIP&#8217;s co-investors in the deal include a Canadian pension fund and a unit of China Investment Corp.
The transaction is subject to customary regulatory approvals and is expected to close in the first quarter of 2018, the companies said.
GIP, also the owner of London’s Gatwick Airport, had in January this year raised a $15.8 billion equity fund, Global Infrastructure Partners III, for equity investments in infrastructure assets in the energy, transport and water/waste sectors. The fund size was almost double that of its previous vehicle launched in 2012 that mopped up $8.25 billion.
The Equis acquisition will be funded out of GIP&#8217;s third vehicle.
It is also the second acquisition by GIP this month. The investment firm had earlier announced the acquisition of Medallion Gathering &amp; Processing, the largest privately-held crude oil transportation system in the Midland Basin of West Texas, for $1.825 billion.
Equis Energy is the largest renewable energy independent power producer (IPP) in the Asia-Pacific region, with over 180 assets comprising 11,135MW in operation, construction and development across Australia, Japan, India, Indonesia, the Philippines and Thailand.
“GIP has a strong track record of managing and growing utility-scale infrastructure businesses, and the combination of experience and knowledge across GIP and the existing management team will allow Equis Energy to continue expanding competitively across its target markets, ” said David Russell, CEO of Equis and Chairman of Equis Energy.
There were reports earlier that India-based billionaire <a class="tinymce-colortext" style="color: #000080;" href="https://www.dealstreetasia.com/stories/india-lt-to-sell-port-asset-to-adani-group-18951/" target="_blank" rel="noopener">Gautam Adani&#8217;s Adani Group</a> was in talks to acquire Equis&#8217; Indian assets. Adani had reportedly teamed up with Nebras Power that was seeking to buy Equis’ assets in the Philippines, Japan, Thailand, Indonesia and Australia.
Credit Suisse (Singapore) Limited and J.P. Morgan (S.E.A.) Limited acted as financial advisors to Equis Energy. Skadden, Arps, Slate, Meagher &amp; Flom LLP acted as legal advisor to Equis Energy and Clifford Chance LLP acted as legal advisor to GIP for the deal.
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US-headquartered infrastructure fund manager Global Infrastructure Partners (GIP) has acquired Singapore-based Equis Pte for $5 billion. 

Infra fund manager GIP to acquire APAC's largest renewable energy firm Equis for $5b

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Infra fund manager GIP to acquire APAC's largest renewable energy firm Equis for $5b

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