The Abu Dhabi Investment Authority and Ontario Teachers’ Pension Plan Board have begun working with a financial advisor to assess a possible sale of Equis Development, a renewable energy developer based in Singapore, Bloomberg reported on Wednesday.
The transaction may value Equis Development at more than $2 billion, the report said, citing sources familiar with the matter. The sale is still in early stages, and no final decision has been made.
Infrastructure-focused funds are among the potential buyers expected to show interest, the report added.
Equis Development focuses on building and operating sustainable infrastructure across Asia Pacific, with key markets in Australia, Japan, and South Korea. Its projects span renewable power, hybrid energy systems, bioenergy facilities, and waste-to-resource assets.
In 2019, Equis Group exited the private equity fundraising space and consolidated all its investment activities and management team under a single Singapore-based holding company, Equis Development Pte Ltd —a structure designed to support the pursuit of complex, early-stage infrastructure projects.
Equis Development secured a $1.25-billion investment from a wholly owned subsidiary of ADIA, Ontario Teachers’ Pension Plan Board, and the company’s management team in November 2020.
In January, Equis secured a 20-year fixed-price offtake agreement for its Anma Offshore Wind Project in South Korea.
In 2023, the company also reached financial close and began construction on a 40MW hydrogen fuel cell power generation project in Uijeongbu City, Gyeonggi Province also in South Korea.
