APAC: Partners triples money from Equis sale

29 January 2018 - 12:00 am UTC

Partners Group said today that it generated a blended gross return of 3.2x on its investment in Japan Solar, a platform it set up with Equis to invest in the country.

The Swiss-based fund manager confirmed it sold its share to Global Infrastructure Partners in a deal run in tandem with the USD 5bn sale of Equis finalised on 19 January. 

Partners’ share of the proceeds was a multiple of USD 250m that Partners and others – including Babson Capital, LGsuper and Qantas Superannuation – invested initially, plus an undisclosed amount of subsequent investment.

Japan Solar partnered with independent solar business developer Nippon Renewable Energy (NRE). The platform secured 27 projects with more than 610MW capacity – including over 200MW projects which are operational.

The global private markets investment manager invested alongside Equis to buy its stake in Japan Solar in 2013 after the Japanese government introduced a feed-in-tariff system to jumpstart the renewable energy sector. Partners’ subsequent top up investment closed in December 2014. 

“Japan Solar was a timely project and we are delighted to have contributed the build-out of Japan’s renewable energy production capacity,” said Benjamin Haan, Partner Head of Private Infrastructure Asia of Partners Group.  

“The successful sale of our stake in Japan Solar ahead of our original exit timeline provides an attractive return to our clients,” he said.

For Partners, it was the third released infrastructure exit this year. Earlier this month, Partners announced sales of its stake in Silicon Ranch in the US to Shell. It also sold its stake in the Victorian Comprehensive Cancer Centere in Melbourne Australia to AMP Capital’s Community Infrastructure Fund.     

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