DAVID: Definitely. You can only aspire to be like them. MELPOMENE: They went silent because you left Macquarie? We also bought businesses, made them better and sold them off. A good thing, no doubt. Do you worry about that? MELPOMENE: The project developers dont have the discretion to make decisions locally? David Russell is the founder and CEO of Equis, a company that evolved from its roots as a funds management business to an infrastructure asset development company, Equis Development, in 2019. Brighton Grammar old boy David Russell, the billionaire founder of the Singapore-based Equis private equity group, along with wife Elena, bought the mansion for about $20 million in an off-market deal in 2018. They said that if youre willing to build the facility, were willing to buy that power from you at a fixed price for 20 or 25 years, and that gave us a lot of confidence. Instabilities in the region may give others pause, but we seek opportunities amidst them to keep growing. DAVID: They are expected to chase and secure opportunities, and I review their decisions just to make sure that what we put in place for, say the Philippines, is consistent across our entire business. In addition, Equis has completed a further 33 utility scale renewable energy projects in Asia over the last 3 years or on average 1 project every 5 weeks. That grew to be OzHarvest. In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Biden Closes In on Order to Restrict US Investment in China Tech, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. Singapore, 27 March, 2017 In 2015, Equis, Asias largest independent renewable energy investor, commissioned nine (9) solar, wind and hydro projects in India, Japan and the Philippines, with a total generation capacity of 407.4 MW. Out of jail: Cardinal George Pell on April 7, when he was released from Barwon Prison. Our purpose is to help current and future generations of Australians and we wont stop until we doso. Weve got more than enough to invest in that space, and storage is just going to multiply that demand for capital. Several months earlier a consortium led by Global Infrastructure Partners (GIP), with partners including the China Investment Corporation sovereign wealth fund, had agreed to buy the renewable energy asset portfolio of Equis, a Singapore-headquartered independent infrastructure asset manager, for $5 billion. Out of jail: Cardinal George Pell on April 7, when he was released from Barwon Prison. Its important to humble yourself. In Equis, all the senior people feel like theyre involved in the decision-making process and in terms of remuneration, its a meritocracy here. David Russell In India, Equis commissioned four wind projects in Andhra Pradesh, Madhya Pradesh and Gujarat with generation capacity of 206 MW, and a hydro project in Sikkim added another 96 MW of generation capacity. Where: Developed markets across the Asia-Pacific region, with a primary focus on Australia, Japan, and South Korea. Hlne Darroze in Conversation With Violet Oon, DPR Construction Used Technology for the Construction of Curtin Singapore Without Physical Meet-Ups, How to Work With Family, and Still Like Each Other, Making Sense of Interest Rates Is Common Sense, Singapore Bond Markets: Sit Back, Lie Flat, Bond Market Thoughts: Sitting Around Waiting to Catch Covid, Union Bank of the Philippines to Issue First Social Bond, Inflation Rule of Thumb Means You Should Not Buy Bonds. He studied Law/Economics at Monash University and worked as an energy and utilities lawyer with Skadden, Arps, Slate, Meagher & Flom in Washington and with Minter Ellison in Melbourne. I use a decision tree in that process and find that if you have the ability and willingness to think through the entire tree, you can map out where youre heading with a fair degree of certainty. When I left my previous employer, I didnt realize how risky it actually was. Apr 2022 - Present11 months. And while the neighbours wont notice much of a difference from the historic frontage, it is clear where the vast outlay is going. I also have a responsibility to the company in this respect, and were trying to be more socially orientated now. Ltd. In the battery sector, the prices are falling but their performance is improving. This website uses cookies to improve your experience. He has delivered assets in Europe, Middle East and Australia. Singapore, 1 February 2017 Equis Energy (Equis), Asias largest independent renewable energy developer and investor, recently approved the development, construction and operation of two solar projects in South Australia and Queensland, Australia with a total generation capacity of 200MWAC (Projects). One George Street, Singapore 049145 Construction of the Collinsville North Solar Project is expected to commence in 2017. DAVID: Broadly speaking, it can affect investor confidencefor example, when the coups in Thailand hit the papers, people started calling us to ask about their investments. . in Painting/ Art History from the University of Tulsa. I had been thinking about it for a number of years and with all my experience, I assumed it would be relatively easy. He has delivered assets across the Asia-Pacific. Employ over 400 people during the construction phase. David Russell, Equis Managing Director, stated "Jara represents a pivot by Equis into more integrated renewable energy Were sorry, this feature is currently unavailable. Will His AI Plans Be Any Different? Those inside the restaurant overheard the dinner was held to mark his release from jail. DAVID: Ive been forced to rethink of my priorities and came to the realisation that family is always number one to me. But obviously within large institutions like Macquarie, there are limits to how much an individual can influence the direction of the business. Alberici's new gig is chief strategy government relations and communications officer. Once I became nobody, a lot of those people actually went silenta number of them obviously felt that while our relationship was important, it was based on our work together. Some $1.3 billion of that was assumed liabilities, but still, it was a landmark: $3.7 billion of equity, the vast majority of it in unrestricted cash. The memoir coming out later this year is expected to dish on a nasty stoush with ABC management after Alberici published an economics comment piece which incensed the Turnbull government so much so it sent several letters of complaint to the ABC. The company was part of reportedly the largest global renewable energy transaction in history in 2018 when its subsidiary, Equis Energy, was sold to Global Infrastructure Partners for US$5 billion. In the Philippines, for example, the government budgets ahead so that they can afford power they need. Our experience, expertise, proven track record and strong relationships allow us to develop world-class energy assets on time, on budget and to the highest standard. DAVID: When we first set up Equis, foreign investors wanted to talk about China and India, and they weren't focused on markets like Thailand and the Philippines. Its interesting how that has come full circle. MELPOMENE: Is what you know or who you know more important? Equis has signed a Power Purchase Agreement (PPA) with Snowy Hydro Limited (Snowy Hydro) for a 100MWAC solar project located near Tailem Bend, South Australia (Tailem Bend Solar Project), which will be constructed alongside a Snowy Hydro owned 28.8MWAC diesel-fired power station. The project will be Taiwan's largest solar project and was part of a twosite public tender.Equis won both tenders, and in accordance [] That makes you focus harder, question harder and dig deeper until youre personally satisfied with solutions. MELPOMENE: How do you envision the use of renewables in ten years time? Theres a whole bunch of things on there that I really dont want to do [laughs]. US$5 billion sale of Equis Energy prompts Craig Marsh's high end real estate splurge, The Rosenthal family owned this three-bedroom house at Clifton Gardens since the 1940s. All rights reserved. As the CEO and Chairman, David grew Equis Energy to become Asia-Pacifics largest renewable energy generator. In the Netherlands, theyve started using solar panels on their bike paths, so in the future you might not need large scale solar panels. DAVID: Yeah, a number of them obviously felt that while our relationship was important, it was based on our work together, so they were more likely to do business with Macquarie than some guy whos just starting out. They are part of C-Suite Department and their management level is C-Level. We wish to honour the connection to Country of all Aboriginal and Torres Strait Islander peoples and pay respect to their Traditional Custodians and Elders past, present and emerging. MELPOMENE: Steve Jobs said that you can only connect the dots looking backwardsis that true of your experiences? Alberici vowed she would never front a TV show again after exiting the ABC. David Russell, Equis Chairman, said: "As Asia-Pacific's largest renewable energy IPP, Equis is pleased to be playing an important role in Taiwan's transition to low-cost, clean energy. MELPOMENE HUA: Why did you decide to be profiled after years of being under the radar? DAVID: We have that in our business model by having compensation tied to the performance of the business through carried interest. Tell-all memoir: Ronni KahnCredit:Illustration: John Shakespeare. The proceeds of the biggest renewable energy deal in history have helped Equispartner Craig Marshfund a $10 million-plus waterfront property spending spree. Find contact details for 700 million professionals. DAVID: Technology and mindsets are evolving rapidly. Both plants will also be designed as battery-storage ready further enhancing their long term attractiveness as stable, low cost sources of power, added Mr Russell. David is also . They had reason to celebrate. Its interesting you asked because Im moving house now and while packing I came across my bucket list that I wrote with one of my daughters. 2023 Tatler Asia Limited. DAVID: Thats the million-dollar question. The Projects will involve a capital investment of approximately A$400 million. The pieces, which covered the strategies big businesses used to trim their tax burden, ended up being rewritten and republished. Cardinal George Pell has kept an ultra-low profile since walking out of Victorias Barwon Prison on April 7 following a High Court decision to overturn his conviction on charges of historical sex abuse. Equis, in partnership with the Sinan Municipality, is also establishing a fund through which the local community will invest into the project, enabling residents to benefit from Jara's long-term stable income stream. David is a Managing Director of Equis and has 28 years of infrastructure and private equity experience. In October 2017, Equis sold Equis Energy to a Global Infrastructure Partners led consortium for US$5 billion, the largest renewable energy transaction in history at the time. DAVID: I do, and sometimes you cant avoid people feeling intimidated but you have to continually try to break that barrier down. Asia-Pacific-focused renewables designer Equis Development Pte Ltd has actually taken control of an AUD-1.9-billion (USD 1.28 bn/EUR 1.23 bn) battery energy storage space project near Melbourne, Victoria, and is now relaunching it with a new name as well as increased capacity. Marsh was revealed as the buyer of a knock-down-rebuild in Mosman for $6.88 million, as well as a waterfront in Noosa Heads for about $4 million, also slated for redevelopment. Once I became nobody, a lot of those people actually went silent.
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