Davis Polk is advising CIC Capital in connection with the proposed acquisition, in conjunction with Global Infrastructure Partners and certain other co-investors, of 100% of the equity interests in the wind and solar renewable energy portfolio of Equis Energy for $3.7 billion. The transaction is subject to customary regulatory closing conditions and is expected to close in the first quarter of 2018.

CIC Capital is a wholly owned direct subsidiary of China Investment Corporation, which is the sovereign wealth fund of China. As CIC’s direct investment arm, CIC Capital is mandated to make direct investments and manage bilateral and multilateral fund investments in order to pursue long-term returns and promote international investment cooperation. Equis Energy is headquartered in Singapore and is one of the largest renewable energy independent power producers in the Asia-Pacific region, operating in several of the region’s largest and fastest-growing renewable markets, including Japan, Australia, Indonesia, the Philippines, India and Thailand. GIP is an independent infrastructure fund manager that combines deep industry expertise with industrial best practice operational management.

The Davis Polk corporate team includes partner Howard Zhang, counsel Sam Kelso and registered foreign lawyer Xi Shi. Partner Leor Landa and associate Brantley Hawkins are providing investment management advice. Partner Po Sit and associate Liang Zhang are providing tax advice. Members of the Davis Polk team are based in the Beijing, Hong Kong and New York offices.