Equis Development has collected a handful of indicative bids in a sale process for the Asia-Pacific renewables platform, four sources familiar told Infralogic.

KKR has shown interest, three of the sources said, with one of them adding that Sembcorp is also bidding.

The offers were “underwhelming” though, said one of the sources. The second round of bids is yet to commence, one of the other sources added.

The bidders asked whether they could carve out specific geographies or technologies, according to three of the sources.

Batteries in Australia account for 60% of Equis’ 1.8 GW portfolio, a teaser shows. The first 600 MW of its Australian batteries are fully funded.

Equis’ South Korean offshore wind business is not part of the sale, according to one of the sources.

The developer has been in separate talks with CIP to acquire a stake in the 532 MW Anma Island offshore wind farm. This is to be built about 40km off South Korea’s southwest coastline in the Yeonggwang-gun area of South Jeolla Province.

In South Korea and Japan, Equis also has an approximately 2,000 tonnes per day waste management business, of which 40% is operational, according to the teaser.

The process was launched in June with non-binding offers due by 21 July, sources previously said. Non-disclosure agreements were signed with more than 10 parties, three of the sources said.

UBS is advising Equis on the sale.

The process could offer an exit for existing investors Abu Dhabi Investment Authority (ADIA) and the Ontario Teachers’ Pension Plan Board (OTPP), sources previously said.

Equis is seeking over USD 1bn in additional equity to fund its growth till 2030. In 2020, it received a USD 1.25bn investment from ADIA and OTPP, of which USD 950m has been spent.

Established in 2019, Singapore-based Equis was formed through a restructuring of fund manager Equis Group to a development holding company.

UBS, KKR and Equis declined to comment. Sembcorp did not respond to requests for comment.

[Editor’s note: This report has been updated to show Equis declined to comment.]