Tuesday, July 23, 2024

Singapore fund acquires photo voltaic developer in New Zealand – pv journal Worldwide

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Singapore-based renewable vitality fund supervisor SC Oscar has purchased New Zealand photo voltaic mission developer Rānui Generation as a part of its technique to construct a portfolio of renewable vitality property in New Zealand and Australia.

From pv journal Australia

SC Oscar has acquired New Zealand-based renewables developer Rānui Generation for an undisclosed sum, because it invests in tasks throughout the Asia-Pacific area.

The acquisition contains 4 development-stage photo voltaic tasks in New Zealand on the North Island with a complete capability of about 131 MW. The complete funding within the portfolio is roughly AUD 203 million ($135 million).

SC Oscar mentioned the deal would enable Auckland-headquartered Rānui to instantly start development on its first mission, the 24 MW Twin Rivers Solar Farm, which is being developed close to Kaitaia, New Zealand. It mentioned it is going to additionally speed up the event of three extra greenfield photo voltaic tasks, with development anticipated to start in 2025.

The acquisition is the primary of many direct investments in renewable vitality and vitality transition actual property that SC Oscar plans within the Asia-Pacific area. SC Oscar Chief Executive Officer and co-founder Conor McCoole mentioned the fund administration firm is evaluating its pipeline of alternatives in New Zealand and Australia.

“SC Oscar is actively contemplating a number of investments within the Asia-Pacific renewable vitality house,” he mentioned, including that the corporate “goals to create long-term worth for traders by investing within the vitality transition.”

The firm mentioned its focus is on investment-grade markets in Asia Pacific with robust renewable vitality potential.

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SC Oscar mentioned development will start on the Twin Rivers photo voltaic farm, with tenders for the mission already awarded. Once commissioned, the mission is predicted to generate roughly 42 GWh of unpolluted vitality yearly.

Other tasks in Rānui’s portfolio embody the 32 MW Three Stream and the 32 MW Skinner Road photo voltaic farms being developed within the Taranaki area, and the 43 MW Tikokino Solar Farm within the Central Hawkes Bay district.

Rānui mentioned that it has already obtained useful resource consent for the development of the Three Stream mission, whereas the consent for the Skinner Road improvement is at the moment being processed. The Tikokino mission is within the early design phases.

Once operational, the photo voltaic farms are anticipated so as to add about 170 GWh of renewable electrical energy yearly to the nationwide grid.

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