Singapore-based renewable energy investments firm SC Oscar has acquired New Zealand solar project developer Rānui Generation.
The acquisition, which is being made on behalf of SC Capital Partners-backed SC Renewable Energy Plus Fund 1 fund, delivers four development-stage solar photovoltaic power projects in New Zealand with a total capacity of around 157MWp.
The total investment in the portfolio is approximately US$135m (€126m).
Rānui, founded in 2020, also is engaging other independent renewable energy developers to expand its portfolio in solar and onshore wind assets.
The investment is the first of several that SC Oscar is actively considering as part of its commitment to invest directly in renewable energy and energy transition real assets in Asia Pacific.
Conor McCoole, CEO & co-founder of SC Oscar, said: “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.”
McCoole said SC Oscar aimed to create long-term value for investors by investing in the energy transition and was delighted to support New Zealand in its commitment to a full transition to renewable energy.
SC Renewable Energy Plus Fund 1, which seeks to raise US$300m, achieved its second closing in March this year.
To read the latest IPE Real Assets magazine click here.
