GIP, China Sovereign Wealth Fund To Buy Renewable Energy Portfolio For $3.7bn
A group of private-equity investors led by New York-based Global Infrastructure Partners and China’s sovereign wealth fund will acquire a portfolio of Asian wind and solar energy projects from Singapore-based Equis Pte Ltd for $3.7bn.
“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.
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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.Discover More