Thai-owned power producer Ratch Group has signed a share sale agreement with United States-headquartered private equity fund Denham Capital for Nexif Energy’s portfolio of renewable energy and storage assets in the Asia Pacific. The transaction values the portfolio, which includes the Lincoln Gap Wind Farm project in South Australia, at an enterprise value of more than $1.44 billion (US$1 billion).
The transaction will see Ratch acquire a portfolio with a total capacity of 2,670 MW, including 500 MW of operational or under-construction capacity, which will increase to almost 1.3 GW by 2023, with a further 1.4 GW in various stages of development.
Following the completion of the deal, Ratch will work with Nexif in a joint venture work to manage and continue to grow the portfolio.
Nexif was founded in 2015 to acquire, develop, construct and operate a clean energy-focused power generation and battery storage portfolio across Australia and south-east Asia.
Since then, it has developed a portfolio of almost 2.7 GW in the Asia Pacific, including the Lincoln Gap Wind Farm project near Port Augusta which will ultimately include 468 MW of wind capacity coupled with battery energy storage. The 222 MW first stage comprising 212 MW of wind turbines and 10 MWh of battery storage already achieved full commercial operations in April.
Its assets also include the 154 MW Snapper Point gas-fired peaker plant in South Australia, hydropower projects in Vietnam, solar PV projects in the Philippines, and a combined-cycle power project in Thailand.
Ratch chief executive officer Choosri Kietkajornkul said the transaction marks a critical milestone in the power producer’s expansion plans, saying it “significantly enables acceleration to reach our 10,000 MW target”.
“After transaction completion, Ratch will recognise immediate income from four wholly-owned power plants with combined 450 MW operating capacity including a wind farm and a gas-fired power station in Australia,” she said.
Ratch’s purchase of Nexif’s renewable energy portfolio comes after it unveiled plans to develop a 70 MW solar PV and large-scale battery energy storage project near Morwell in Victoria’s Latrobe Valley.
The $105 million Morwell Solar Farm project will comprise an estimated 230,000 solar PV modules and associated infrastructure spread across two sites totalling 170 hectares. The planning approval also allows for a 5 MW-30 MW battery storage system.
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