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

Toyota re-affirms athletes support after Tokyo 2020 postponement

first_img Visa was said to be the first company to formally extend its financial support of athletes following the postponement of Tokyo 2020. According to the Sports Business Journal (SBJ), however, Toyota had reached out to athletes first. “Toyota had reached out to all the agents and basically said, ‘we will help your athletes do what they need to do,’” the SBJ source said. “Toyota is definitely not leaving any of these athletes behind. “We had a phone call with Toyota’s leadership, and they were very genuine, they were very human.Advertisement Promoted ContentYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeInsane 3D Spraying Skills Turn In Incredible Street ArtThe Very Last Bitcoin Will Be Mined Around 2140. Read More2020 Tattoo Trends: Here’s What You’ll See This YearFantastic-Looking (and Probably Delicious) Bread ArtA Hurricane Can Be As Powerful As 10 Atomic BombsCouples Who Celebrated Their Union In A Unique, Unforgettable Way10 Hyper-Realistic 3D Street Art By OdeithThe Highest Paid Football Players In The WorldThe 10 Best Secondary Education Systems In The World9 Facts You Should Know Before Getting A Tattoo7 Universities In The World Where Education Costs Too Much “They really brought it.” The Japanese car giant, a worldwide partner of the Olympic and Paralympic Games, supports around 243 athletes from 43 countries. This includes a number of Olympic gold medallists, including British cyclist Laura Kenny, American diver David Boudia and Dutch Para-triathlete Jetze Plat. Toyota is also set to provide a line-up of electrified vehicles for Tokyo 2020, as well as robots for event operations. Tokyo 2020 and the International Olympic Committee agreed to postpone the upcoming Games due to the ongoing coronavirus pandemic, which has now infected just under 880,000 people worldwide and killed more than 43,000. read also:Coronavirus: Japan to lose $12.9billion in Olympic cancellation The Olympics are now set to be held from July 23 to August 8 2021, while the Paralympics are scheduled from August 24 to September 5. FacebookTwitterWhatsAppEmail分享 Loading… Toyota has reportedly confirmed its continued support of its athletes after the postponement of the Tokyo 2020 Olympic and Paralympic Games until 2021.last_img read more