Investment fund Global Infrastructure Partners (GIP) has closed on a deal to acquire a 100 percent stake in renewable energy project developer Equis Energy. The total transaction value of $5 billion includes the assumption of $1.3 billion in Equis Energy debt and ranks as the largest renewable energy generation acquisition in history according to the company.

The closing of the deal, which was first announced in October 2017, positions GIP as a dominant global renewable energy project developer.

Equis Energy Chairman David Russell commented on the sale saying, “The investment by GIP and its partners is exciting news for the development of renewable energy in the Asia‐Pacific. 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.”

Adebayo Ogunlesi, the chairman of Global Infrastructure Partners, said, “We are excited by the new investment in Equis Energy, which is a strong fit with GIP’s global renewable investment strategy. Equis Energy has become one of the leading renewable energy platforms in the region, with a best‐in‐class business model, a high‐ quality asset portfolio and an outstanding management team. We look forward to continuing the Equis Energy success story in the years to come and to supporting new growth opportunities in one of the most promising renewable energy markets in the world.”

With the acquisition, GIP has now become the owner of more than 180 assets comprising 11,135 MW in operation, construction, and development across Australia, Japan, India, Indonesia, the Philippines, and Thailand. The project portfolio includes, 2,402 MW of operational solar projects, with an additional 4,254 MW under development, 2,252 MW of wind generation capacity, with 1,977 MW under development and 250 MW of hydro generating capacity.

One of those projects is the planned 1 GW Wandoan South Solar Project in Queensland, Australia that Mercom reported on in August 2017.

According to Mercom’s India Solar Project Tracker, Equis Energy already held a 200 MW solar project portfolio in India before the deal closed. The portfolio included a 100 MW project is in Telangana and another 100 MW project in Karnataka that is expected to be commissioned by the end of this month.

Image credit: Equis Energy