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Equis announces US$1.25 billion capital raising

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Energy Global,

Equis Development Pte Ltd (EDL) has executed binding documentation with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Ontario Teachers’ Pension Plan Board (Ontario Teachers’) and the Equis management team to invest US$1.25 billion in EDL.

EDL is focused on developing, constructing, and operating primary and hybrid renewable energy and biomass generation, power grid distribution and transmission and waste infrastructure assets in Australia, Japan, and South Korea. EDL is currently developing or constructing 40 assets across its target markets.

EDL will finance and be responsible for every stage of an asset’s lifecycle from origination, procurement, construction, engineering, and development through to operations and maintenance, asset management, and performance optimisation.

In 2019, the Equis Group ceased raising and investing private equity funds and consolidated 100% of its ongoing investment initiatives and management team within a single Singapore corporate holding company, EDL. This corporate structure is ideally suited to enabling EDL to pursue and secure complex development stage projects.

Khadem AlRemeithi, Executive Director of the Real Estate & Infrastructure Department at ADIA, said: “We believe there is a significant opportunity to support the growth of renewable energy infrastructure in Asia Pacific. Equis has a strong management team with extensive development and operational experience and is well positioned to continue to build its reputation as one of the region’s leading renewable energy businesses.”

Ben Chan, Regional Managing Director, Asia-Pacific at Ontario Teachers' stated, “We are excited to make this significant investment in the world-class team at EDL. The company fits with our greenfield and renewables strategy to focus on development stage opportunities through high-quality platforms. We believe this investment will help us build scale in Asia and grow our exposure to renewables.”

EDL management has successfully implemented similar strategies in the past. They were responsible for creating Equis Energy, a US$5 billion renewable energy platform, and recently announced the divestment of two Japanese biomass generation assets for US$1 billion.

EDL expects to maintain its leading position within the Asian renewable energy and biomass power generation markets and having already entered the waste infrastructure market, is forecasting similar growth. Recently announced investments into the Korean waste and solar markets and Japanese biomass markets are all being undertaken by EDL.

Lance Comes, EDL Managing Director stated, “EDL plans to commit over US$2 billion into renewable energy and waste infrastructure assets across Australia, Japan, and South Korea over the next two years and is rapidly expanding its management team of over 60 engineering, investment and development professionals to ensure its success.”

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