Singapore’s Renewable Energy Investor Acquires Rānui Generation
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SC Oscar, the Singapore-based renewable energy investor, acquired New Zealand renewables developer Rānui Generation for an undisclosed amount, as the infrastructure fund manager aims to expand its investments in renewable energy projects across the Asia Pacific region.
The acquisition encompasses four solar projects in the development stage on New Zealand’s North Island, with a combined capacity of approximately 131 MW. The total investment in this portfolio is around $135 million.
SC Oscar announced that the acquisition will enable Auckland-based Rānui to commence construction of its first project immediately, the 24 MW Twin Rivers Solar Farm near Kaitaia in the Northland region.
This deal will also expedite the development of three additional greenfield solar projects, with construction expected to begin in 2025.
This acquisition marks SC Oscar’s first of several planned direct investments in renewable energy and energy transition assets across the Asia Pacific region.
Read more: IFC commits $105 million to Brookfield’s 500 MWp solar project in India
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.”
SC Oscar announced that construction on the Twin Rivers Solar Farm will now commence, with project tenders already awarded. Upon completion, the solar farm is expected to produce approximately 42 GWh of clean energy annually.
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