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GIP-backed Equis Energy appoints new CEO

The US fund manager has tapped Nitin Apte to head its newly-acquired portfolio company in Singapore, which it bought together with PSP Investments and China Investment Corporation.

Equis Energy, a renewable energy developer Global Infrastructure Partners acquired last month alongside PSP Investments and China Investment Corporation, has named Nitin Apte as its new chief executive.

According to an Equis spokesman, Apte recently joined GIP as an operating principal this month from specialty materials company Materia, where, as president and chief executive, he helped expand its footprint in the US manufacturing space. He also worked for over 25 years at Saudi chemicals company SABIC and General Electric in various roles.

GIP has also sent a team of management and industry experts to Asia to help with the transition of Equis Energy to the consortium’s ownership.

GIP, PSP Investments and China Investment Corporation acquired 100 percent of the renewables business from Equis Group, a Singapore-based infrastructure fund manager, for $5 billion. The deal, closed in January this year, is regarded as the largest renewable energy generation transaction in history.

The deal only included Equis Group’s renewables assets, which had been spread across various special purpose vehicles and not grouped under one entity. The process of separating them from Equis Group is now complete, Equis’ spokesman told Infrastructure Investor.

With a portfolio of more than 180 renewable energy assets in operation, construction or development, comprising more than 11GW, Equis Energy bills itself as the largest independent power producer in the Asia-Pacific region. Equis Group’s non-renewable assets will continue to be held by its funds – Equis Asia Fund I and II and the Direct Investment Fund.

Proceeds from the Equis Energy sale will be redistributed to investors, the company’s spokesman said.

Founded in 2012, Equis Group has raised $2.7 billion in equity across its three funds and in co-investments. Part of its non-renewable energy investments includes a gas distributor in China and a Southeast Asia-focused telecommunications network developer.