Solar panels; Solar panels;

GIP renewable energy transaction advice, Multiple

Advising on a record breaking $5bn renewable energy deal

Arup worked on behalf of Global Infrastructure Partners (GIP) on their successful bid to acquire Equis’ portfolio of 11GW of renewable assets, for a record breaking $5bn. Working with restricted timescales, our business investor advisory team led the commission from London with significant support from across our global offices to ensure a successful deal was compiled.

Assessing multiple assets across seven countries

Equis’ 11GW portfolio included 139 solar and wind power generation assets in operation, construction and development. The renewable energy assets were spread across seven countries in the Asia Pacific region, with 1GW of operating assets and 1GW under construction. The portfolio across Japan, Philippines, India, Indonesia, Australia, Taiwan and Thailand also included a substantial development pipeline.

Project Summary

11GW renewable energy portfolio

$5bntotal deal purchase of assets

1GWassets under construction

The Pililla wind farm in the Philippines was inspected from a helicopter ahead of the deal taking place. Operational since 2013, the development generates 54MW from 27 turbines.

A skilled and experienced team

Our primary role was to provide independent technical due diligence advice to GIP throughout the transaction to support their asset evaluation process. Arup’s experienced transaction advice team focused on key deal value drivers including energy yield modelling, capex and opex assumptions and consideration of multijurisdictional development pipeline of projects.

Global approach paired with local expertise

Our global team included a mix of technical specialists lead by our transaction team, drawing upon broad and deep project and transaction experience in renewable energy. Part of our scope on behalf of GIP saw us reviewing location specific issues such as grid connection, consenting and approvals and key commercial agreements. Considering the scale and diversity of the assets, having local specialists in each country allowed us to reduce the time spent on these key areas thanks to local knowledge and energy infrastructure experience.

We reported risks and opportunities including identifying guidelines for materiality thresholds - critical to support our methodical value driven approach to evaluating risks and opportunities. ”

James Theobalds James Theobalds Director

Outlining opportunities and mitigating risks

This process allowed us to consider the transaction structure and identify where the areas where greatest focus was needed to ensure that risks were clearly understood and could be considered appropriately in GIP’s evaluation of the deal. Our transaction team developed a comprehensive internal review process which included peer review of all deliverables to ensure that the final outputs were delivered in a robust, independent and consistent format to the required level of quality.

Breaking new records

The deal was valued and completed at $5bn and at the time of reporting by Bloomberg, was a record breaking transaction deal within renewable energy. The ownership of 11GW of assets was successfully transferred over to GIP ownership.