Global Infrastructure Partners is exploring selling a stake in Vena Energy and seeking a valuation of about $15 billion for one of the largest renewable energy companies in Asia-Pacific, according to people familiar with the matter.
(Bloomberg) — Global Infrastructure Partners is exploring selling a stake in Vena Energy and seeking a valuation of about $15 billion for one of the largest renewable energy companies in Asia-Pacific, according to people familiar with the matter.
The infrastructure fund has sounded out a group of financial advisers on a potential sale of as much as a 51% stake in Vena Energy, the people said, asking not to be identified as the process is private. The asset could attract companies in the industry and conglomerates with an interest in boosting their green investments, the people said.
Considerations are at an early stage and GIP could ultimately decide against a deal, the people said. A representative for GIP declined to comment, while a representative for Vena Energy couldn’t immediately comment.
A stake sale could add to a wave of energy deals as global investors and companies seek to meet their emission-reduction targets. Canadian pension funds are considering selling their stakes in Chile’s biggest power-transmission company Transelec SA for about $3 billion, Bloomberg News reported Friday.
Headquartered in Singapore, Vena Energy develops and owns renewable energy projects including wind, solar and energy storage across Asia-Pacific, its website shows. It has a portfolio of 2.9 gigawatts of renewable energy under operation and an additional 706 megawatts under construction in locations including Australia, India, Japan and Taiwan as of the end of June, according to its latest presentation.
The company reported $196 million in earnings before interest, taxation depreciation and amortization in the first half of this year, an 18% increase from the same period a year before.
GIP and co-investors — China Investment Corp. and Public Sector Pension Investment Board — agreed to acquire Equis Pte for $3.7 billion in 2017. Equis was renamed as Vena Energy in 2018 after the transaction was completed.
GIP manages more than $100 billion in assets with investments ranging from energy, transportation, digital as well as water and waste, its website shows.
–With assistance from Ben Scent and Fareed Sahloul.
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