Denham Capital to shed 2.7-GW Nexif Energy portfolio to Ratch

US private equity investor Denham Capital has clinched a deal to sell the 2.7-GW portfolio of Australian and Southeast Asian clean energy assets of its Singaporean platform Nexif Energy in a deal worth USD 605 million (EUR 595.7m) in equity.

Under the terms of the agreement, the power generation assets will be bought by Thai power producer Ratch Group plc (BKK:RATCH) at an enterprise value of over USD 1 billion. Ratch will manage them through a new joint venture with Nexif.

The portfolio in question consists of roughly 1.3 GW of capacity that will be in operation and under construction by 2023, as well as an additional 1.4 GW of projects at various stages of development that involve renewable, thermal generation and energy storage technologies. Of the total, close to 500 MW of power capacity has been switched on so far or is currently being installed. The assets are located in Vietnam, Thailand, the Philippines and Australia.

The list of assets includes the 212-MW Lincoln Gap wind farm with 10 MW of battery storage near Port Augusta in South Australia, which was switched on in April. Nexif’s platform is also developing hydropower projects in Vietnam and solar schemes in the Philippines.

“With its unique approach to hybrid power solutions, sizeable wind and gas projects in South Australia, hydropower projects in Vietnam and solar farms in the Philippines, Nexif Energy is perfectly positioned for its next phase of expansion, under the Nexif-RATCH partnership,” said Saurabh Anand, Denham Capital’s managing director.

(USD 1.0 = EUR 0.985)

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