Exclusive: Bids for Equis’s 4.4GW portfolio due next Wed

The Singapore fund manager has rejected a pre-emptive $4.2bn offer for the portfolio which spans the Asia-Pacific region.

Equis Energy, the clean energy business of Singapore-based Equis, has received a high level of interest in the sale of its renewables portfolio, according to sources familiar with the process. 

Assets on the block include Equis’s 4.4GW portfolio of operating and construction-stage facilities across Australia, India, Indonesia, Japan, the Philippines, Taiwan and Thailand, as well as a further 6.7GW of projects under development. 

It is understood that 51 parties, including both strategic and financial investors, have signed non-disclosure agreements and hired financial advisors to consider proceeding to the next stage of negotiations with Equis, according to the sources. Interested parties are expected to submit their indicative bids by 26 July, followed by management presentations for bidders and visits to assets in late Q3 this year.

Infrastructure Investor understands that interested parties are required to bid for the whole portfolio, rather than a portion of it, meaning investors interested in assets located in certain countries may have to team up with others to be in the race – and, given the size of the portfolio, bidders are likely to form consortiums, the sources said.

The firm has rejected a pre-emptive offer of $4.2 billion, according to the sources, which included a request for exclusive access to data and negotiations.

Equis declined to comment.

The renewable energy investor kickstarted the sale process in April, when it appointed Credit Suisse and JPMorgan as financial advisors to conduct a “strategic review” on the portfolio. 

The firm has raised more than $2.7 billion in equity from institutional investors for infrastructure initiatives in the Asia-Pacific region over the past five years, a large part of which was invested in renewables, with some in other infrastructure sectors.