Equis Development, a renewable energy and waste infrastructure developer controlled by Global Infrastructure Partners (GIP), announced that it has raised 100 billion won ($85 million) with Hana Financial Investment to construct one of the largest waste-to-energy platforms in South Korea.
Equis, which has offices in Australia, Korea, Japan, and Singapore, will be constructing the portfolio that will be owned and operated by Vine Enviro Pte Ltd, which will invest about $225 million across the four WTEs platforms.
On completion, the facilities will process over 470,000 tons of waste annually, making them one of the largest waste-to-energy platforms in South Korea, Equis said in a press statement.
The company said construction of the WTE facilities will start in the fourth quarter of this year, and operations are forecast to commence in 2022. Equis will manage the development, construction, and operation of the assets.
Under the terms of the agreement, Equis will retain a 10 per cent ownership interest in Vine Enviro, with a right to reinvest up to a 55 per cent ownership interest in the future.
The establishment of the WTE platforms is in keeping with the Korean government’s objective for a resource that would reduce the reliance on landfill and waste exports.
“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 Equis managing director Adam Ballin.
Equis plans to invest over $4 billion in renewable energy projects across the Asia Pacific over the next two years. Its target markets include developed Asia Pacific markets such as Australia, South Korea, Japan, and Taiwan.
Equis was sold to US-headquartered GIP in January 2018. Following the acquisition, the company has restructured its entire asset and capital management model and has brought its partners and staff under a single corporate entity, Equis Development.