A US-China investment partnership has acquired wind and solar power projects from a Singaporean firm for a record $3.7bn.

The deal by a group of private-equity investors led by New York-based Global Infrastructure Partners (GIP) and China’s sovereign wealth fund of Singapore-based Equis Pte Ltd for $3.7bn involves Asian renewable energy projects.
Global Infrastructure Partners
“The transaction is the largest renewable energy generation acquisition in history and positions GIP as a dominant renewable energy developer in the key OECD growth markets of Australia and Japan, as well as across India and Southeast Asia,” Equis and GIP said in a joint statement.

The investor group will pay $5bn for Equis Energy and assume company debts worth $1.3bn. The group includes CIC Capital, an arm of China sovereign wealth fund China Investment Corp; Public Sector Pension Investment Board, a Canadian pension fund manager; and other GIP partners. Equis Energy has assets across 180 projects in Australia, Japan, India, Indonesia, the Philippines and Thailand, with total installed capacity of 11,135 MW.

Financial Times reports that the deal is subject to regulatory approval in those countries and is expected to close in the Q4 of next year. CIC Capital is the private equity unit of CIC. CIC Capital’s assets grew faster last year than CIC’s other foreign-investment units, which mainly invest in publicly-traded securities, according to the group’s latest annual report.

In August GIP entered into an agreement to acquire a 50 per cent stake in the Borkum Riffgrund 2 Offshore Wind Farm project from DONG Energy for a total consideration of approximately EUR 1,170m.