Singapore-based fund manager SC Oscar has announced its acquisition of Ranui Generation Limited, a New Zealand-headquartered renewable energy developer, for an undisclosed amount.
The transaction involves a 100% stake in Ranui and four development-stage solar PV power projects in New Zealand. The projects have a total capacity of around 157 MWp, per the announcement.
Ranui, which will be supported by SC Renewable Energy Plus Fund I, will start construction of its first project in Northland. The three other green solar projects will start construction in 2025.
As part of the acquisition, SC Oscar is investing $135 million in the solar portfolio. The investment is part of the fund manager’s commitment to invest directly in renewable energy and energy transition real assets in the Asia Pacific region.
“We are particularly attracted to Ranui Generation due to the robust and competitive New Zealand electricity market and the excellent quality of the Ranui portfolio,” said Conor McCoole, CEO and co-founder of SC Oscar.
SC Oscar, established in 2022, is the manager of the SC Renewable Energy Plus Fund I and is backed by Asia Pacific private equity real estate firm, SC Capital Partners.
The SC Renewable Energy Plus Fund 1 is a renewable energy infrastructure fund that invests primarily in developed markets in Asia Pacific. The fund achieved its second closing in March 2024 and seeks to raise $300 million in total capital commitments.
Ranui Generation, on the other hand, was established in 2020 and has developed four solar PV projects in the North Island with a total capacity of around 157 MWp. The first project is starting construction and two others are close to ‘ready to build’ status.
