Partners Group nets 3.2x on Japan Solar through Equis Energy sale

Japan Solar is a component of the Equis Energy portfolio created by Equis Funds Group. GIP agreed to purchase the business last October for $5 billion. It was said to be the world's largest renewable energy generation acquisition to date, involving the transfer of some 180 assets.

Partners Group co-led a $250 million equity investment in Japan Solar alongside Equis in late 2013. Equis provided additional funding the following two years which brought capital commitments to $720 million, although it is not clear if Partners Group contributed.

The business consists of 27 secured projects totaling more than 610 megawatts of capacity, of which some 200 MW is operational and contracted into long-term power purchase agreements with Japanese utilities. It is estimated that once Japan Solar's secured projects become operational, they will generate enough energy to power around 133,000 households. Nippon Renewable Energy, a leading local solar specialist, was brought in as the operator.

"The successful the sale of our stake in Japan Solar ahead of our original exit timeline provides an attractive return to our clients and endorses our strategy of platform-building in markets supported by transformative trends," Benjamin Haan, partner and head of private infrastructure Asia at Partners Group, said in a statement.

The transaction follows the firm's sale of its 21% holding in Australia's Victorian Comprehensive Cancer Centre to AMP Capital. Other recent renewable energy activity by Partners Group includes a A$250 million ($200 million) investment in an Australian wind project and $200 million investment in a Taiwanese solar project.

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