Clifford Chance and Skadden score roles on record-breaking $5bn renewable energy deal

Clifford Chance and Skadden Arps Slate Meagher & Flom have scored lead roles on one of the largest ever acquisitions in the renewable energy industry, as US investment fund Global Infrastructure Partners (GIP) acquires Singapore-based Equis Energy for $5bn (£3.8bn).

New York-based GIP will pay $3.7bn (£2.8bn) for 100% of Equis Energy and take on $1.3bn (£980,000) worth of assumed liabilities. The transaction is the biggest ever acquisition in the history of the renewables industry, according to data compiled by Bloomberg.

Equis Energy is the largest independent renewable energy power producer in Asia-Pacific, with more than 11,135 megawatts in operation across Australia, Japan, India, Indonesia, the Philippines and Thailand.

Clifford Chance’s London-based head of infrastructure M&A, Brendan Moylan, is leading a team representing GIP. Since August, a Clifford Chance team in Germany has also been acting for GIP on a $1.38bn (£1.04bn) investment in a wind farm project in the country.

Skadden Hong Kong partner Jonathan Stone and Singapore partner Rajeev Duggal are advising Equis on the deal. Equis chief executive David Russell was an infrastructure lawyer for a short time at Skadden’s Washington DC office.

The deal, expected to close in the first quarter of 2018, will position GIP as a dominant renewable energy developer in the key growth markets of Australia and Japan, as well as across India and Southeast Asia, the company said in a statement.

GIP raised a record $15.8bn (£11.96bn) for its infrastructure fund in January, as US president Donald Trump promised to invest in America’s bridges and roads.