Singapore – 18 June 2024 – SC Oscar, a Singapore-based fund management company specializing in renewable energy investments, has announced the acquisition of 100% of New Zealand solar PV project developer Rānui Generation Limited (“Rānui”) through its renewable energy infrastructure fund, SC Renewable Energy Plus Fund 1. The acquisition includes four development-stage solar PV power projects in New Zealand with total capacity of around 157 MWp. Consent for the investment by the Fund was granted by the Overseas Investment Office in New Zealand in October 2023.
With support from the Fund, Rānui will immediately begin construction of its first project in Northland and accelerate development of three other greenfield solar projects, with construction scheduled to start in 2025. The total investment in the portfolio is approximately US$135 million. The investment is the first of several that SC Oscar plans as part of its commitment to invest directly in renewable energy and energy transition real assets in Asia Pacific.
Conor McCoole, CEO & Co-Founder of SC Oscar, commented: “SC Oscar is actively considering a number of investments in the Asia Pacific renewable energy space, and we are particularly attracted to Rānui Generation due to the robust and competitive New Zealand electricity market and the excellent quality of the Rānui portfolio. SC Oscar aims to create long-term value for investors by investing in the energy transition and we are delighted to support New Zealand in its commitment to a full transition to renewable energy.”
About Rānui
Rānui Generation Limited is a New Zealand renewable energy developer. Established in 2020, it has developed four solar PV projects in the North Island with total capacity of around 157 MWp. The first project is starting construction and two others are close to ‘ready to build’ status. Rānui is engaging other independent renewable energy developers to expand its portfolio in solar and onshore wind assets. About SC Renewable Energy Plus Fund 1
The SC Renewable Energy Plus Fund 1 is a Singapore domiciled, managed and regulated renewable energy infrastructure fund that invests primarily in developed markets in Asia Pacific. The Fund aims to deliver attractive financial returns to investors by investing directly in, and maintaining control of, renewable energy and energy transition real assets. The Fund achieved its second closing in March 2024 and seeks to raise US$300 million in total capital commitments.¹ To date the Fund has attracted commitments from Southeast Asian corporates and a family office. It is open only to accredited investors.
About SC Oscar
Established in 2022, SC Oscar Fund Management Pte Ltd. (SC Oscar) is a Singapore registered fund management company, licensed by the Monetary Authority of Singapore. SC Oscar is the manager of the SC Renewable Energy Plus Fund 1. SC Oscar principals have long infrastructure and renewable energy investment and development experience. The firm is backed by Asia Pacific private equity real estate firm, SC Capital Partners. Find out more at www.scoscar.com.
For media enquiries, please contact: Conor McCoole at conor.mccoole@scoscar.com and mobile +65 9636 8875; or Jimmy Chan at jimmy.chan@citigatedewerogerson.com and mobile +852 9439 8408.
Footnotes
¹ The Fund is open only to accredited investors.