Singapore's Equis raises 100b won to build waste-to-energy facilities in South Korea

SINGAPORE-BASED renewable energy and waste infrastructure developer Equis Development has completed a 100 billion South Korean won (S$115.3 million) equity capital raise with Hana Financial Investment, to construct a portfolio of four waste-to-energy facilities in South Korea.

The facilities will repurpose and process over 470,000 tonnes of waste per annum, making them one of the largest waste-to-energy platforms in South Korea, Equis Development said in a press statement on Monday.

Construction starts in the fourth quarter of this year, and operations are forecast to commence in 2022.

Vine Enviro will own and operate the facilities, as well as invest about 300 billion won across the four of them. Meanwhile, Equis Development will retain a 10 per cent stake in Vine Enviro, with a right to reinvest up to a 55 per cent ownership interest in the future.

Additional capital will be raised via non-recourse project level debt.

This is the latest project financed since the Equis group restructuring. Equis Energy, one of the largest renewable-energy independent power producer in the Asia-Pacific, was sold to fund manager Global Infrastructure Partners in January 2018 for about US$5 billion in cash, before restructuring the business under a single corporate entity named Equis Development.

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Equis Development on Monday said it intends to further expand its platform into future waste-to-energy and waste treatment facilities.

The company plans to commit over US$2 billion into the renewable energy and waste-related infrastructure sectors across Australia, Japan, South Korea and Taiwan over the next two years.