RENEWABLE INVESTMENT $3.7 BLN
FT - A group of private-equity investors led by New York-based Global Infrastructure Partners and China's sovereign wealth fund will acquire a portfolio of Asian wind and solar energy projects from Singapore-based Equis Pte Ltd for $3.7bn.
"The transaction is the largest renewable energy generation acquisition in history and positions GIP as a dominant renewable energy developer in the key OECD growth markets of Australia and Japan, as well as across India and Southeast Asia," Equis and GIP said in a joint statement.
The investor group will pay $5bn for Equis Energy and assume company debts worth $1.3bn. The group includes CIC Capital, an arm of China sovereign wealth fund China Investment Corp; Public Sector Pension Investment Board, a Canadian pension fund manager; and other GIP partners.
Equis Energy has assets across 180 projects in Australia, Japan, India, Indonesia, the Philippines and Thailand, with total installed capacity of 11,135 megawatts. The deal is subject to regulatory approval in those countries and is expected to close in the first quarter of next year.
CIC Capital is the private equity unit of CIC. CIC Capital's assets grew faster last year than CIC's other foreign-investment units, which mainly invest in publicly-traded securities, according to the group's latest annual report.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.