SC Oscar, a Singapore-based fund manager specializing in renewable energy investments, announced the acquisition of a 100% stake in Rānui Generation, a New Zealand-based solar project developer, through its renewable energy infrastructure fund, SC Renewable Energy Plus Fund 1.
The acquisition includes four development-stage solar projects in New Zealand with a total capacity of around 157 MW.
The Overseas Investment Office in New Zealand granted consent for the investment by the fund in October 2023. The total investment in the portfolio is approximately $135 million.
Conor McCoole, CEO & Co-Founder of SC Oscar, commented, “SC Oscar is actively considering a number of investments in the Asia Pacific renewable energy space, and we are particularly attracted to Rānui Generation due to the robust and competitive New Zealand electricity market and the excellent quality of the Rānui portfolio. SC Oscar aims to create long-term value for investors by investing in the energy transition and we are delighted to support New Zealand in its commitment to a full transition to renewable energy.”
Rānui Generation plans to begin construction of its first project in Northland and accelerate the development of three other greenfield solar projects, with construction scheduled to start in 2025.
According to Mercom’s Q1 2024 Solar Funding and M&A report, a total of 21 solar M&A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&A deals in Q1 2023.
Solutions30, a provider of support services related to new digital technologies, acquired a 10% stake in So-Tec, which specializes in constructing solar projects, last month. The acquisition was made alongside So-Tec’s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years.
