Funds in U.S. and China in $3.7 Billion Renewable Energy Deal, Biggest to Date

first_imgBloomberg News:Renewable-power is attracting more investor interest as governments throughout Asia seek alternatives to fossil fuels to meet rising energy demand and combat pollution. Equis Energy, which is developing one of the largest solar plants in Australia, has over 180 assets in operation, construction and development with capacity of more than 11 gigawatts, according to the statement.The size of the deal “may be a signal that scale is also important in the renewable-energy industry as traditional tariff structures and incentives are dismantled and costs need to be reduced to improve investment returns,” Tom O’Sullivan, founder of Tokyo-based energy consultant Mathyos, said by email.The acquisition is the biggest ever for the renewables industry, according to the companies and Bloomberg New Energy Finance. Equis Energy “is a strong fit with GIP’s global renewable-investment strategy,” Adebayo Ogunlesi, GIP’s chairman and managing partner, said in the statement. Equis Energy is the largest independent renewable-energy power producer in the Asia Pacific, according to the statement.Credit Suisse Group AG and JPMorgan Chase & Co. were financial advisers for Equis Energy, with Skadden, Arps, Slate, Meagher & Flom LLP acting as legal adviser. Clifford Chance LLP advised GIP, the companies said.Global Infrastructure Partners III fund is buying Equis Energy with investors including Canada’s Public Sector Pension Investment Board and CIC Capital Corp., it said in a separate statement.Equis Energy assets include:Solar: 2.4 GW of generation capacity; 4.3 GW under development.Wind: 2.3 GW of generation capacity; 2 GW under development.Hydroelectric: 0.3 GW of generation capacity.More: GIP to Buy Equis Energy in Record $5 Billion Renewable Deal Reuters:U.S. fund Global Infrastructure Partners (GIP) has agreed to buy Equis Energy, Asia’s largest independent renewable energy firm, for $3.7 billion with partners including sovereign fund China Investment Corp, underscoring growing global interest in renewables investment.Singapore-headquartered Equis is the largest renewable energy independent power producer in Asia‐Pacific, with over 180 assets comprising solar, wind and hydro generation spread across countries including Australia, Japan, India and the Philippines.Equis’ assets have installed capacity of more than 11 gigawatts. A big chunk of the assets are based in Japan.“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 South-East Asia,” Equis Pte Ltd and GIP said in a statement on Wednesday.Moody’s Investors Service said in September that renewables would become a central focus of national energy policies as more countries shift to renewable procurement through competitive auctions.Reuters reported in July that Japanese trading firms, global pension funds, several companies and buyout firms were competing to buy Equis, at a time when many Asian governments are expanding the use of renewable power and its costs are falling.“Government policies are supportive and encouraging of renewables. But just as important and if not more so, is that the cost curve of both wind and solar has come down massively,” one person familiar with the Equis deal said on Wednesday.More: U.S. fund, CIC snap up Equis Energy for $3.7 billion in bet on renewables Funds in U.S. and China in $3.7 Billion Renewable Energy Deal, Biggest to Datecenter_img FacebookTwitterLinkedInEmailPrint分享Wall Street Journal:A group including a U.S.-based private-equity firm and China’s sovereign-wealth fund has agreed to acquire Equis Energy, which oversees one of Asia’s largest collections of independent renewable-energy assets, for $3.7 billion.Global Infrastructure Partners, or GIP, leads the consortium, whose members include China Investment Corp. unit CIC Capital Corp. and Canada’s Public Sector Pension Investment Board, GIP said Wednesday.The planned acquisition will provide the group with access to many of the largest and fastest-growing renewable markets in the Asia-Pacific region, including Japan, Australia, Indonesia, the Philippines, India and Thailand.Equis said that including assumed liabilities of $1.3 billion, the deal is valued at $5 billion.The deal is the largest to date in the global renewable-energy-generation sector, according to a joint statement by Equis and GIP.Equis takes investments from various global public and private pension funds and financial institutions to develop and manage its renewable-energy portfolio. It has more than 180 such assets, comprising capacity of 11,135 megawatts, across the Asia-Pacific region.More ($): U.S., China Funds Land Asian Renewable-Energy Giant Equislast_img read more

Nick’s Young status unclear after Friday’s ejection; Wesley Johnson tweaks ankle

first_img“No,” said Young with a smile and a laugh. “I’ve talked enough.” Young is scheduled to fly with the team today. Bryant’s minutes won’t changeScott said superstar Kobe Bryant’s playing time would not change if Young is suspended.“It wouldn’t complicate it. Again, when Kobe is on the floor and Nick is on floor we can give Kobe a little bit of a break and run the offense through Nick,” said Scott. “So it’s not going to complicate his minutes, I’m going to play him around the same amount, but it does put more onus on him on the offensive end and that’s what we’ve been trying to get away from.” Bryant did not practice with the team Saturday. “I told (Bryant) to meet us at the plane,” said Scott. Jordan Clarkson will be primed to pick up more minutes and help on the offensive end in the absence of Young. Clarkson has played in 13 games this season, averaging 10.7 minutes and 4.5 points. Johnson tweaks ankle In addition to Bryant, Wesley Johnson did not practice Saturday after tweaking his right ankle Friday. But the small forward is expected to suit up and play against the Kings. Johnson played 28 minutes against Oklahoma City, with seven points, three rebounds and three assists. Overall, Johnson is averaging 8.8 points per game. Johnson has started all 26 games this season and might be relied on more should Young be suspended. Coming out of the narrow loss to Oklahoma City Friday evening, the big question surrounding the Lakers was what is going to happen to Nick Young after the small forward was ejected early in the fourth quarter on a flagrant 2 foul. The Lakers (8-18) were still waiting on word from the league at the end of Saturday’s afternoon practice. But it’s not something that’s taking up too much of head coach Byron Scott’s energy, at least for the moment. “I’m not too worried about it right now. I guess when we get up there we will have an answer,” said Scott after practice. “But if he’s not playing (against Sacramento Sunday) I will be very disappointed, obviously.“If he doesn’t, other guys will just have to step up.” Labeled a “vital” part of the team by Scott, Young is the Lakers’ second leading scorer at 14.9 points per game and 2.3 rebounds, despite playing in just 16 games and starting none. Young drew the ejection with 11:24 left in the game after getting tangled with Thunder center Steven Adams and thrusting his forearm into Adam’s throat in frustration. Young called Adams a “sneaky, dirty player,” after the game. After Friday’s loss, Scott said he was disappointed in Young earning the ejection and told media after practice that he talked about it with Young after the game. “I gave him some words and told him if it happens again what would happen to him,” said Scott, hinting at handing down his own suspension. “So hopefully it never happens again.” Young did practice with the team but did not talk with the media afterward. When walking by reporters, Young was asked if he would be talking to the media.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more