"From Data Centers to Power..." ESR to Acquire Aquila's 1.6GW Portfolio [fn Market Watch]

[Financial News]   Asia-Pacific real asset manager ESR is expanding beyond data centers into power generation and energy-storage infrastructure. As AI adoption accelerates and securing power for data centers emerges as a key competitive factor, the move is seen as an effort to build a platform spanning power infrastructure as well as real estate development and operations.
According to investment banking industry sources on the 27th, ESR recently signed an agreement to acquire a 100% stake in Aquila Clean Energy APAC from Germany-based Aquila Group. The transaction value was not disclosed. The deal is expected to close in the first quarter of 2027, subject to relevant approvals and other procedures.
The significance of the deal lies not simply in expanding ESR's renewable energy assets, but in the transformation of its business structure. Having grown with logistics centers as its core business, ESR has made data centers a key growth driver and is now broadening its investment focus to energy infrastructure.
Aquila Clean Energy APAC, the acquisition target, develops, owns and operates solar, wind and battery energy storage systems (BESS) in Korea, Australia, New Zealand, Japan and Taiwan. Including projects already operating, under construction or substantially advanced in development, the portfolio totals approximately 1.6GW.
What stands out is the alignment with ESR's data center expansion strategy. ESR's data center development pipeline in the Asia-Pacific region has surpassed 3.2GW.
In Korea, ESR is also developing the KR1 Data Center in Bupyeong, Incheon. ESR has set a goal of increasing the share of renewable energy used in its data center portfolio to 75% by 2030.
Once the acquisition is completed, ESR will have the foundation to invest not only in logistics real estate and data centers, but also in the power infrastructure required by those facilities. As the ability to secure a stable power supply, in addition to land and buildings, emerges as a factor determining the viability of AI data center projects, real asset managers are also expanding their investment focus into power generation and energy-storage infrastructure.
ESR has already been pursuing solar power projects in Korea using the roofs of logistics centers. The Aquila acquisition is seen as significant because it would enable ESR to secure an entire power generation and BESS platform, rather than merely add solar installations to individual properties. 
Investment banking industry sources observed that as competition for data center investments expands from securing sites to securing power, the strategic value of renewable energy and BESS platforms is also likely to increase.
An investment banking industry source said, "AI data centers are moving toward a structure in which securing a stable power supply determines development competitiveness," adding, "Large real asset managers will also increasingly seek to bring data centers and power generation and storage infrastructure together in a single investment ecosystem." 


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