But what were we adding back to society? MELPOMENE: Why did you decide to strike out on your own? He has delivered assets across the Asia-Pacific. We think that the biggest renewable energy market is solar and we have to keep ahead of that technology curve. And you find that project developers tend to be more risk seeking, so its better to have someone whos more risk averse to balance their decision-making. We're sure the builders are observing strict social distancing protocols during stage four lockdown. Over 22 years of Asia-Pacific private equity and infrastructure advisory and investment experience, Former Director & Board Member of Denham Capital Asia Pacific. Marsh, a former Macquarie Group executive who joinedEquisin2014, isnt the only partner at the renewablesfundwho has splashed on his real estate dreams in recent months. David.Russell@sbs.ox.ac.uk Sad Business School University of Oxford Park End Street Oxford OX1 1HP Profile David Russell has joined Sad Business School as an Executive in Residence, after having led the Education and Training Foundation (ETF) in England as CEO for 8 years and having previously served the UK government for 16. At one point, Pell who was dressed in what one observer described as "priestly regalia" gave a short speech and toast. 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. "Australia represents one of the most exciting solar power generation markets globally and Equis expects to build over $1 billion of new projects over the next 24-36 months," director David Russell said in the press release. Equis is actively pursuing infrastructure development and investment across the Asia-Pacific region, with a primary focus on Australia, Japan, and South Korea. When I left my previous employer, I didnt realize how risky it actually was. In 1998, David joined Macquarie Group, where he spent 12 years. Where does the fallout from the Adani crisis take India now? Once I became nobody, a lot of those people actually went silent. By submitting this form, I agree to these terms and conditions. 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. "He was sitting in the middle of a long dinner table, and there was no one sitting opposite. Its not just gratuitous givingwe want to actually improve peoples lives, because we build our plants in a lot of rural areas. Abigail Koch, Compare the Market general manager public relations, said they had been "smashed" by media requests. That also affects performance and I think its partly why some investors prefer independent managers because the alignment of interest is stronger. But what has changed is the level of desperation applied to the business when its your own. In the battery sector, the prices are falling but their performance is improving. But there are a number of governments that came up with programmes to encourage investments in renewable energy. Ltd. Supply the annual power needs of 63,165 homes. That is unheard of in other places but that was the Skadden mindsetthey were tough and uncompromising. 2023 Tatler Asia Limited. DAVID: They worked hard. But there are a number of governments that came up with programmes to encourage investments in renewable energy. Save 407.2 million litres of water each year (when compared with the water usage of coal fired power plants). DAVID: Years ago, we were just moving paper around. MELPOMENE: Skadden has a terrific reputation, how was it like working there? Vignesh has over 7 years experience in infrastructure investment and development across Asia. He then completed his K-12 Art Education teacher licensure program at Metropolitan State College of Denver. Apr 2022 - Present11 months. MELPOMENE: Large corporations are almost inevitably hierarchical. The project will be Taiwan's largest solar project and was part of a twosite public tender.Equis won both tenders, and in accordance [] Employ over 400 people during the construction phase. The combined power and large-scale generation certificates price of the Tailem Bend Solar Project is approximately 40% less than prevailing South Australian market prices, delivering significant savings to South Australian consumers. Musk Made a Mess at Twitter. When we set up Equis, we told ourselves that were actually building stuff for once, everything weve doneweve actually built ourselves and without us, it will all just be flat land. Bryce has deep experience in the Energy and Infrastructure sectors, having worked on multiple global transactions totalling over AUD$ 27bn. One of my early mentors said, David, if theres one thing I can teach you about doing business is that whatever you do, you must always act lawfully. And that has always stuck with me. David Russell who has made his fortune as the cofounder of Singapore-based private equity group Equis has been spending time aboard the impressive vessel with his family. He led Equis development of solar, wind, biomass and waste infrastructure projects in Japan before returning to Australia in 2021. DAVID: Ive watched a couple and I always cringe [laughs]. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. Find contact details for 700 million professionals. China Equities: Yesterdays Story or More Compelling Than Ever? DAVID: The level at which you can supply renewable energy into the grid is actually quite highfor example, Germany is at around 50% now and theyre targeting 100%. But to get to a certain point you have to think forward and consider all the paths and possibilities. 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. DAVID: People dont understand the industry, its very complex and even I dont understand some parts of it. As the CEO and Chairman, David grew Equis Energy to become Asia-Pacifics largest renewable energy generator. We acknowledge that our school is on the Country of the people of the Kulin Nations. Were a lot happier not only making money but also making a difference. When I stepped out on my own, the thing that surprised me the most was that a lot of my relationships were premised on the basis that I was quite senior at Macquarie. He sold Equis Energy, which he founded in 2011, for (US) $5bn in 2017. You see people in boardrooms using some of the terms that we do use in the industry, but the portrayal is largely inaccurate. Tel: +65 6220 0040, Legal Notice & Terms of Use The estimated Net Worth of David Eugene Russell is at least $45.3 Million dollars as of 11 November 2021. 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. He has previously been Middle East editor of Euromoney, editor of Asiamoney, investment editor of the Australian Financial Review and a correspondent on emerging markets and sovereign wealth for numerous publications worldwide. David is also the founder and Chairman of the CSS Foundation, which is focused on supporting vulnerable parents and children in Australia, Russia, and the Philippines. Additionally, David Russell has had 1 past job as the Senior Managing Director at Macquarie Group. Here in Singapore, we talk about how to implement their strategies as well as manage the risk consistently across the different geographies. My partners and I put everything into this businessfinancially and personallyand if it were to fail, we would sink with the ship. Ronni Kahn, founder of the OzHarvest Charity, has a memoir coming out, titled A Repurposed Life. Its a matter of how theyll be utilised. In Equis, all the senior people feel like theyre involved in the decision-making process and in terms of remuneration, its a meritocracy here. She tells CBD she will be based in Sydney, rather than the comparison sites Brisbane headquarters. But most importantly, if you want to be successful, youll have to work hard. He has held senior roles in energy infrastructure asset owners, developers, and consultancy firms engaged with renewable energy across wind, solar and storage in Australia, Europe, Central America and SE Asia. MELPOMENE: Do you ever watch popular films that depict the financial industry? The clearance of funds that day in January 2018 marked the conclusion of the biggest renewable energy sale ever completed. Weve got more than enough to invest in that space, and storage is just going to multiply that demand for capital. Readers will recall Pell spent his first night of freedom upon his release in the Carmelite Monastery in Melbournes Kew, before being driven to the Seminary of the Good Shepherd in Sydney's Homebush. Separately, development approval has recently been obtained from the Whitsunday Regional Council for a 100MWAC solar project in Collinsville North, Queensland, Australia (Collinsville North Solar Project), to be constructed on land close to the Collinsville North substation. In the Philippines, for example, the government budgets ahead so that they can afford power they need. David is a Managing Director of Equis and has 28 years of infrastructure and private equity experience. They had reason to celebrate. 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. 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. DAVID: Ive been forced to rethink of my priorities and came to the realisation that family is always number one to me. 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These days, Equis Development is setting its sights on consolidating its position in Asias renewable energy and biomass power generation markets, having developed more than 200 renewable energy and waste infrastructure projects across the region. We acknowledge that our school is on the Country of the people of the Kulin Nations. 1 George Street #23-03 One George Street, Singapore 049145 Tel: +65 6220 0040 I had been thinking about it for a number of years and with all my experience, I assumed it would be relatively easy. DAVID: If youre intelligent, adaptable, and willing to work hard, you can be very successful without a legal or finance background. MELPOMENE: Warren Buffet said that a big problem in the boardroom is that nobody wants to criticise the CEO. MELPOMENE: Given that R&D in this sector is changing so quickly, are you concerned that your solar and wind facilities might become obsolete? An army of builders is carrying out a $5.9 million upgrade at the heritage property, famously owned (not once, but twice) by former Test cricketer Shane Warne. David Russell, Equis Chairman, said, "As AsiaPacific's largest renewable energy IPP, Equis is pleased to be playing an important role in Taiwan's transition to lowcost, clean energy. DAVID: Its definitely not who you know. 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. Brighton Grammar is a leading private boys school in Melbourne, understanding boys from ELC to VCE. Out of jail: Cardinal George Pell on April 7, when he was released from Barwon Prison. But her kids thought he was a phoney. I oversee, define, evolve, train, and advocate for enterprise standards and best practices related to Lean / Agile . It could become micro power grid systems where power is generated and distributed locally. We also bought businesses, made them better and sold them off. But he also told me theres no law stating that you cant act unreasonably [laughs]. 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. David Russell, Equis Group CEO, commented, "As Asia's largest renewable energy developer and investor, the Tailem Bend Solar Project represents an exciting expansion into Australia for Equis and an unique opportunity to leverage our development and construction expertise to deliver low cost, large scale, reliable renewable energy for . When the money cleared, the partners of Equis went shopping to celebrate. We were also growing rapidly and did not want to give our competitors advance knowledge of what we were doing. The strategy of remaining quiet has worked well, but its now time to engage. In the Philippines, Equis commissioned a 30 MW solar project in Leyte and a 54 MW wind project in Rizal, as well as two solar projects in Japans Hiroshima and Hyogo prefectures with total generation capacity of 21.4 MW. Additionally, he has held various senior roles with companies such as WePower, AbsoluteClimo, European Energy Exchange, ASX Energy and Deutsche Bank. 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. Celebrity food writer Melissa Leong and chef Kylie Kwong are relegated to the inside cover, alongside Jimmy Barnes. 1 George Street #23-03 One George Street, Singapore 049145 Tel: +65 6220 0040 Snowy Hydro has agreed to purchase 100% of the power produced from the Tailem Bend Solar Project for at least 22 years. In addition, the Tailem Bend Solar Project has been developed to facilitate large scale battery storage further enhancing the base load like nature of the projects.. DAVID: It was awesome! Were working to restore it. 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. People hear about all these guys making so much money and they fear that its because theyre doing something theyre not supposed to be doing. We think in 5 years, it will revolutionise utility-scale power and in 10 years, it may completely revolutionise power. Those inside the restaurant overheard the dinner was held to mark his release from jail. MELPOMENE: Is what you know or who you know more important? The esteem that the businesswoman turned social entrepreneur is held in is revealed by the calibre of the blurbs on the cover: ABC journalist Annabel Crabb gets star billing above former governor-general Quentin Bryce, while Crabbs boss, ABC chair Ita Buttrose, has to make do with the back page. MELPOMENE: You are headquartered in Singapore but your operations are in other parts of Asia?