Thailand-based independent power producer Ratch Group is buying Nexif Energy’s portfolio of Australian and Southeast Asian energy assets for $605m (€586m).
Denham Capital and Nexif said they have agreed to sell the Nexif Energy portfolio in a deal which gives the portfolio an enterprise value of more than a billion dollars.
As part of the deal, Nexif and Ratch have formed the Nexif-Ratch joint venture to manage and continue to grow the Nexif Energy portfolio.
Energy investment firms Denham Capital and Nexif founded Nexif Energy in August 2015 to buy, develop, construct and operate a clean energy-focused power generation and battery storage portfolio across Australia and Southeast Asia. Denham Capital held the investment through its sustainable infrastructure arm.
Over the years, Nexif Energy has built a project portfolio with a total capacity of close to 2.7GW. Around 500MW of the company’s portfolio is currently operational or under-construction, increasing to 1.3GW operational or under-construction by 2023, and a further 1.4GW at various stages of development.
Saurabh Anand, a managing director at Denham Capital, said: “We are proud of what we have built through our investment in Nexif Energy which has grown to comprise an impressive pipeline of nearly 3GW of renewable power generation and storage assets.
”This sale represents our second successful exit in both Australia and the Philippines.”
Nexif founder and managing director Matthew Bartley said: “Nexif Energy executes on a market need-based strategy. In Australia, we have developed and implemented a firmed renewable strategy around the Lincoln Gap Wind farm supported by Snapper Point gas-fired Peaker and BESS play.
”Furthermore, in Vietnam, we’ve delivered a project based on small Hydroelectric generation with peak storage together with onshore and offshore wind and solar and in Philippines an innovative long-term contract structure for solar in an open access market. In Thailand, we have delivered a cutting-edge technology-backed cogeneration project achieving the highest energy efficiency in the country.”
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