Renewable energy-focused fund manager SC Oscar has announced the acquisition of New Zealand-based solar power developer Ranui Generation. The acquisition, valued at approximately USD 135 million (EUR 125.7 million), includes Ranui's portfolio of four development-stage projects in the North Island, with a total capacity of 157 MWp.
SC Oscar's investment will enable Ranui to commence construction on its first project in Northland immediately and advance the development of the remaining three greenfield schemes. The acquisition was approved by New Zealand's Overseas Investment Office in October 2023.
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This acquisition marks the inaugural investment under SC Oscar's debut infrastructure fund, the SC Renewable Energy Plus Fund 1, which aims to raise USD 300 million. The fund, which had its second closing in March, focuses on investments in the Asia-Pacific renewable energy sector.
“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 Conor McCoole, CEO of SC Oscar.
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SC Oscar, established by Singaporean real estate investment company SC Capital Partners in partnership with Oscar Energy in 2022, is keen on expanding its presence in the renewable energy sector in the Asia-Pacific region. The acquisition of Ranui Generation represents a strategic move to capitalize on the growth opportunities in New Zealand's renewable energy market.
