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Shell, SoftBank potential suitors for $5-bn renewable energy firm Equis

Japanese trading firms, global pension funds, buyout firms are also in the fray to buy Equis

Reuters  |  Singapore 

Shell, SoftBank potential suitors for $5-bn renewable energy firm Equis

Royal Dutch and are among several global groups considering bidding for Energy, Asia's largest independent renewable energy producer valued at up to $5 billion, sources familiar with the matter said.

Japanese trading companies, global pension funds and buyout firms are also in the fray to buy Singapore-based Equis, the sources said, at a time when many Asian governments are expanding the use of renewable power and renewable energy costs are decreasing.

First-round bids for are due this week, said the sources.

owns a portfolio of 97 projects comprising solar, the wind and hydro generation assets spread across countries including Japan, India, Philippines and Australia.

It is part of Funds Group, which has raised $2.7 billion in equity from global investors for infrastructure investments, mostly in renewables, over the past five years. Funds was set up by a group of senior executives, many of whom worked at Australian investment bank Macquarie Group.

Bidders are forming groups so that they can divide the portfolio as some buyers are keen to only buy certain assets, the sources said.

Other potential suitors include Japanese financial conglomerate Orix Corp, which is teaming up with Dutch pension fund APG, and a joint bid from I Squared Capital — an infrastructure investor — and a Japanese trading company, the sources said.

Shell, SoftBank, Orix and declined to comment, while I Squared and APG did not immediately respond to Reuters queries. The sources declined to be identified as they were not authorised to speak to the media.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, July 25 2017. 15:45 IST