ADIA, OTPP Are Said to Weigh Sale of Asian Renewables Firm Equis
(Bloomberg) -- The Abu Dhabi Investment Authority and Ontario Teachers’ Pension Plan Board are considering a sale of Asia-Pacific renewable energy developer Equis Development Pte, according to people familiar with the matter.
ADIA and OTPP, which together own a majority stake in Singapore-based Equis, are working with a financial adviser on the potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction may value Equis at more than $2 billion, the people said.
Equis may draw interest from bidders including infrastructure-focused funds, the people said, adding that sale considerations are preliminary and no final decisions have been made.
Representatives for ADIA, OTPP and Equis declined to comment.
Equis invests in infrastructure assets across the Asia-Pacific region, with a primary focus on Australia, Japan and South Korea, according to its website. It develops and operates renewable and hybrid energy systems, bioenergy, waste processing and waste recovery assets. In 2020, Equis raised $1.25 billion from a wholly-owned subsidiary of ADIA, OTPP and the company’s management.
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