A group of investors led by US-based Global Infrastructure Partners (GIP) has agreed to purchase Singapore-based Equis Energy for $5bn, which includes $1.3bn assumed liabilities.

The two investors included in the cash-based deal are Canada’s Public Sector Pension Investment Board and China’s CIC Capital, reported Live Mint.

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The latest transaction represents the implementation of a binding document for the sale of all the shares of Equis Energy to GIP and the co-investors.

Subject to customary regulatory approvals, the deal is expected to be completed by Q1, 2018.

“The deal is expected to be completed by Q1, 2018.”

GIP chairman and managing partner Adebayo Ogunlesi said: “Equis Energy is a unique success story in the Asia-Pacific (APAC) region as it has systematically executed its growth strategy since its founding five years ago.

“In that period, Equis Energy has become one of the leading renewable energy platforms in the region, with a best‐in‐class business model, a high‐quality asset portfolio, and an outstanding management team.

“We look forward to continuing the Equis Energy success story in the years to come and to supporting new growth opportunities in one of the most promising renewable energy markets in the world.”

Equis Energy currently has more than 180 renewable power generating assets that include 11,135MW in operation, construction, and development across Australia, Japan, India, Indonesia, the Philippines, and Thailand.