U.S. private equity investor Denham Capital has struck a deal to sell its Singapore-based platform Nexif Energy’s 2.7 GW portfolio of clean energy assets in Australia and Southeast Asia in a deal valued at $605 million.
Under the terms of the agreement, the power generation assets will be acquired by Thai power producer Ratch Group plc (BKK: Ratch) for an enterprise value of more than US$1 billion. Ratch will manage them through a new joint venture with Nexif.
The portfolio includes approximately 1.3 GW of capacity, which will be operational and under construction by 2023, and another 1.4 GW of projects in various stages of development involving renewable energy, thermal power generation and energy storage technologies. Of this, nearly 500 MW of power capacity has been connected or is currently being installed to date. The assets are located in Vietnam, Thailand, the Philippines and Australia.
The list of assets includes the 212 MW Lincoln Gap wind farm near Port Augusta in South Australia, which has a battery capacity of 10 MW and was commissioned in April. Nexif's platform is also developing hydropower projects in Vietnam and solar projects in the Philippines.
