Hana invests $85m in Asia renewables platform

Equis Development was established as part of a restructure following the sale of Equis Energy to Global Infrastructure Partners (GIP) in a landmark 2018 deal worth $5 billion. It was said to be the largest-ever renewable energy acquisition at the time. Equis Energy now exists as a separate entity, which GIP has rebranded Vena Energy.

A project operator called Vine Enviro will be the controlling entity of four WTE facilities that have been scoped to process 470,000 tons of waste a year. This would make the company one of the largest WTE players in Korea. Equis will retain a 10% stake in Vine along with the right to reinvest over time, to a maximum 55% interest.

Construction is expected to begin within the year and completion is slated for 2022. Vine will invest KRW300 billion to this end, supported by debt funding. Operations will encompass industrial waste incineration, steam supply, sludge drying, electricity generation, and solid refuse fuel production.

Equis plans to commit $2 billion to renewable energy and waste-related infrastructure across Korea, Australia, Japan, and Taiwan during the next two years, covering every stage of the project lifecycle from origination and construction to operations and asset management. The platform employs 16 waste industry professionals in Korea.

“Equis recognizes the importance of providing clean, modern and efficient waste treatment facilities to support the growth of key industries while working closely with local stakeholders to minimize impact to the communities,” said Adam Ballin, a Korea-based managing director at Equis. “The establishment of this platform is also in keeping with the Korean government’s objective for a resource circulating society and reducing the reliance on landfill and waste exports.”

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• Topics
• North Asia
• Cleantech
• Industrials
• Infrastructure
• energy
• South Korea
• Equis Funds Group
• Hana Financial