Levanta Renewables, a renewable energy project developer and independent power producer in Southeast Asia backed by Actis, an investor in sustainable infrastructure, announced the acquisition of six solar projects with a total installed capacity of 9.5 MWp for its commercial and industrial business from an undisclosed regional renewable energy projects developer. The portfolio comprises solar projects with long-term power purchase agreements signed with leading Global 500 multinational corporations.
The projects span three Southeast Asian countries, with three sites in Malaysia, two in Indonesia, and one in Thailand.
The completion of the transaction is subject to and conditional upon certain customary conditions, including regulatory and other approvals. The transaction is expected to close before the end of 2024.
Earlier this year, Levanta Renewables also announced the acquisition of a 90% controlling shareholding in Thailand’s 139.4 MW operating solar project portfolio. The company acquired the portfolio from Super Energy, a Thai renewable energy project developer, and its subsidiary, Super Energy Group.
“This acquisition is strategically important to Levanta as it represents an expansion of our three key markets, solidifying our position as a leading renewable energy provider for C&I and Utility customers,” said Sudhir Nunes, Chief Executive Officer of Levanta Renewables.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW in 1H 2024 were transacted compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
This week, Lodestone Energy, a solar project developer, announced the acquisition of two grid-scale solar project sites in the Manawatu region of New Zealand from Kiwi Solar, a utility-scale and rooftop solar energy project developer. Upon completion, the two projects will each have a total capacity of approximately 27 MW. Construction on the first site is scheduled to begin by mid-2025.
