Equis Development has abandoned a sale process of its Asia-Pacific renewables platform, three sources familiar told Infralogic.

Despite attracting attention for parts of the business, the decision to cancel was taken due to a lack of interest in the entire unit, the sources said.

The seller does not wish to entertain any potential breakups of its operations in a sale, the sources said.

Equis late last year received a handful of “underwhelming” indicative bids, during which queries on carveout possibilities arose, sources previously said. KKR and Sembcorp had shown interest in the UBS-run process.

According to one of the sources, Equis’ Japan and South Korean assets received the most attention.

A spokesperson for Equis denied it had launched any sale process “in respect of all or substantially all of its assets”. UBS declined to comment.

In Japan, Equis has around 1m cbm in operational landfill capacity across two assets in Fukushima and Hiroshima, according to a teaser document. It also has around 300 MW in biomass, 400 MW in batteries, and 100 MW in solar.

In South Korea, Equis manages around 2k tonnes per day across five waste incineration assets, of which 40% is operational, with the rest advanced. It also has 200 MW in batteries and 100 MW in hydrogen capacity.

Equis’ South Korean offshore wind business was excluded from the sale; the 532 MW Anma Island project has secured equity from Danish manager CIP.

Large, pan-regional clean energy platforms have proven to be a tough sell. In a separate process, Vena Energy has opted for multiple standalone country sales, after failing to win interest for an outright divestment.

Launched last June, a sale of Equis could have paved an exit for existing investors ADIA and OTPP, from which it received a combined USD 1.25bn investment in 2020.

Equis is forecast to deploy about USD 1bn in additional equity to fund growth till 2030.

Established in 2019, Singapore-based Equis was formed through a restructuring of fund manager Equis Group to a development holding company. It has a 1.8 GW portfolio, 60% of which is accounted for by Australian batteries.