Actis’ SE Asia Renewables Platform Levanta Renewables, a renewable energy project developer and independent power producer, announced the acquisition of a 90% controlling shareholding in a 139.4 MW operating solar project portfolio in Thailand. The company acquired the portfolio from Super Energy, a Thai renewable energy project developer, and its subsidiary, Super Energy Group.
“We’re looking forward to leveraging our energy generation experience across Asia and deploying our tried and tested playbook to build a utility-scale and C&I business in Thailand, helping the country make the transition away from fossil fuels to a more sustainable energy future,” said Rahul Agrawal Head of Energy for Southeast Asia at Actis.
The portfolio consists of 24 ground-mounted solar projects spread across four provinces in Thailand. Each solar project has a 25-year power purchase agreement with the Provincial Electricity Authority of Thailand.
“The entrance into the Thai energy sector forms an important part of Levanta’s business plan. Earlier this year, we established an office in Bangkok and recruited a local team to pursue C&I solar projects in the country. We intend to leverage this acquisition to further pursue greenfield and brownfield opportunities for both utility-scale and C&I projects in Thailand. We are also excited to partner with Super Energy on this project portfolio and look forward to further business collaboration between the two sides,” said Sudhir Nunes CEO of Levanta Renewables.
According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a quarter-over-quarter comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Recently, Obton, a solar and energy storage project developer, announced its joint venture with GSSG Solar, a solar-focused renewable energy investment company, and its affiliates to acquire nine solar projects in Japan with a total capacity of 117 MW. Eight of the projects are operational and have a total capacity of 104 MW, while one, with a capacity of 13 MW, is under development.
