Singapore renewables developer Equis Energy acquired for US$5b in cash

Singapore

IN WHAT is said to be the largest deal in history for the renewables sector, infrastructure fund manager Global Infrastructure Partners (GIP) is leading a consortium to acquire Singapore-based renewable-energy developer and operator Equis Group for US$5 billion in cash.

The deal, which includes US$1.3 billion in debt, is expected to close in the first quarter of next year, said both companies.

This comes after Equis, the largest renewable-energy independent power producer in the Asia-Pacific, appointed banks for a strategic review of its assets in April. Bloomberg had reported in August, citing unnamed sources, that the group was pu…