Renewable Energy M&A: GIP’s Vena Energy Targets $15 Billion Mark, Aiming at a ~40x EBITDA Multiple with a 39 GW Development Pipeline

published on 16 October 2023

Global Infrastructure Partners (GIP) is on the verge of exploring a strategic divestiture, eyeing a sale of up to a 51% stake in Vena Energy at a valuation close to $15 billion (100%). A reflective look at the past transaction, current financials and operational strides provides a rich context for this potential market move.

Quadrupled Valuation: A consortium led by GIP acquired Equis Pte for $3.7 billion in 2017, with GIP owning 50% of the stake. Post-acquisition, Equis was rebranded to Vena Energy in 2018, marking a renewable energy sector milestone.

Targeting a Higher EBITDA Multiple: With the potential sale, GIP is targeting an EBITDA multiple of 40 times based on Vena Energy’s annualized EBITDA. This high multiple reflects confidence in a robust development pipeline of 39 GW (>200 projects) including 13 GW onshore renewables, 20 GW offshore wind, and 6 GW energy storage capacity. Vena Energy also boasts a portfolio of 2.9 GW of operational renewable energy and 706 MW under construction across Asia-Pacific.

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The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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