SC Oscar acquires New Zealand solar developer Ranui Generation

Renewable energy-focused fund manager SC Oscar has announced the acquisition of New Zealand-based solar power developer Ranui Generation which has a portfolio of four development-stage projects in the North Island with a total capacity of 157 MWp.

The price tag of the deal stands at about USD 135 million (EUR 125.7m), a press statement said on Tuesday.

SC Oscar’s investment will allow Ranui to immediately start construction works on its first project in Northland and advance the development of the other three greenfield schemes.

The acquisition of Ranui was cleared by New Zealand’s Overseas Investment Office in October 2023.

The deal marks the first bet made under the Singaporean firm’s debut infrastructure fund -- SC Renewable Energy Plus Fund 1, which seeks to raise USD 300 million. The fund had its second closing in March.

“SC Oscar is actively considering a number of investments in the Asia-Pacific renewable energy space, and 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 SC Oscar’s CEO Conor McCoole.

SC Oscar was set up by Singaporean real estate investment company SC Capital Partners in partnership with Oscar Energy in 2022.

(USD 1 = EUR 0.931)

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