• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 13 mins Shale Oil Fiasco
  • 1 hour USA v China. Which is 'best'?
  • 2 hours Everything you think you know about economics is WRONG!
  • 52 mins Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 4 mins Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 12 hours Quotes from the Widowmaker
  • 1 day Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 17 hours True Confessions of a Billionaire
  • 1 day Offshore is changing
The Next Major Middle East Oil IPO

The Next Major Middle East Oil IPO

Oman Oil Company could become…

Why Are Oil Markets Suddenly So Volatile?

Why Are Oil Markets Suddenly So Volatile?

Volatility in oil markets has…

U.S. Fund, Co-Investors Buy Asian Firm In Record $5B Renewables Deal

Solar

Independent infrastructure fund manager Global Infrastructure Partners (GIP) is betting big on renewables by signing a binding agreement to buy Asia-Pacific’s largest independent renewable firm, Equis Energy, for US$5 billion including debt in a record renewable energy generation acquisition.

GIP, together with co-investors—Canada’s Public Sector Pension Investment Board and CIC Capital Corporation, a wholly-owned direct subsidiary of China Investment Corporation—are buying Singapore-based Equis Energy in a transaction expected to close in the first quarter next year, subject to customary regulatory approvals.

The deal “positions GIP as a dominant renewable energy developer in the key OECD growth markets of Australia and Japan, as well as across India and South?East Asia,” Equis and GIP said in a joint statement on Wednesday.

Equis Energy has more than 180 assets comprising 11,135 MW in operation, construction, and development across Australia, Japan, India, Indonesia, the Philippines, and Thailand.

Earlier this year, reports emerged that Equis Energy had attracted none other than Shell as one of its potential suitors.

“The investment by GIP and its partners is exciting news for the development of renewable energy in the Asia?Pacific,” said David Russell, chairman of Equis Energy, commenting on the deal announced today.

“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,” Adebayo Ogunlesi, Chairman and Managing Partner of Global Infrastructure Partners, said.

GIP, which manages more than US$40 billion for its investors, is invested in energy assets, including in Freeport LNG, Hess Infrastructure Partners, and Spain’s Gas Natural Fenosa.

Related: Kurdistan Proposes Immediate Ceasefire With Iraq

The GIP-Equis deal comes at a time when governments in Asia and Australia have been supportive of renewable energy, and wind and solar costs have been continuously declining.

“As more countries shift to renewable procurement through competitive auctions and move away from reliance on subsidies, renewables will continue to transition from being a marginal supplement to a central focus of national energy policies,” Moody’s said last month in a report on the global renewable energy costs and growth expectations.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play