Singapore fund acquires solar developer in New Zealand

Singapore-based renewable energy fund manager SC Oscar has purchased New Zealand solar project developer Rānui Generation as part of its strategy to build a portfolio of renewable energy assets in New Zealand and Australia.

From pv magazine Australia

SC Oscar has acquired New Zealand-based renewables developer Rānui Generation for an undisclosed sum, as it invests in projects across the Asia-Pacific region.

The acquisition includes four development-stage solar projects on New Zealand’s North Island with a total capacity of about 131 MW. The total investment in the portfolio is approximately AUD 203 million ($135 million).

SC Oscar said the deal will allow Auckland-headquartered Rānui to immediately start building its first project, the 24 MW Twin Rivers Solar Farm, which is being developed near Kaitaia, New Zealand. It said it will also accelerate the development of three other greenfield solar projects, with construction of those now expected to start in 2025.

The acquisition is the first of several direct investments in renewable energy and energy transition real assets that SC Oscar is planning in the Asia-Pacific region. SC Oscar Chief Executive Officer and co-founder Conor McCoole said the fund management company is evaluating a pipeline of opportunities in both New Zealand and Australia.

“SC Oscar is actively considering a number of investments in the Asia-Pacific renewable energy space,” he said, adding that the company “aims to create long-term value for investors by investing in the energy transition.”

The company said its focus is investment-grade markets in the Asia Pacific with strong renewable energy potential.

“We anticipate solar and bioenergy investments in Australia and New Zealand will dominate our first fund,” it said.

SC Oscar said construction will now begin on the Twin Rivers solar farm, with tenders for the project having already been awarded. Once commissioned, the project is expected to generate approximately 42 GWh of clean energy per year.

Other projects in the Rānui portfolio include the 32 MW Three Stream and the 32 MW Skinner Road solar farms being developed in the Taranaki region, and the 43 MW Tikokino Solar Farm in Central Hawkes Bay district.

Rānui said it has already secured resource consent for the construction of the Three Stream project, while consent for the Skinner Road development is currently being processed. The Tikokino project is in early design stage.

Once operational, the solar farms are expected to add about 170 GWh of renewable electricity per year to the national grid.

This post appeared first on PV Magazine.

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