Levanta Renewables, a Southeast Asian renewable energy developer and independent power producer, has announced its first foray into the Thai market with the acquisition of a 139.4MWp [megawatt peak] operating solar project portfolio.

The company, owned by Actis, has secured a 90% controlling shareholding in the portfolio, previously held by Super Energy Corporation Public and the Super Energy Group, both subsidiaries of Super Energy.

The portfolio comprises 24 ground-mounted solar farms located across four provinces.

Each solar farm has a 25-year power purchase agreement with the Provincial Electricity Authority of Thailand, ensuring long-term revenue stability.

Levanta’s parent company, Actis, has a robust presence in the region with investments in nine energy generation businesses, offering an installed capacity of 8.5GW, including 5.6GW of renewable energy sources.

Levanta Renewables CEO Sudhir Nunes stated: “The entrance into the Thai energy sector forms an important part of Levanta’s business plan. Earlier this year, we established an office in Bangkok and recruited a local team to pursue C&I solar projects in the country.

“We intend to leverage this acquisition to further pursue greenfield and brownfield opportunities for both utility-scale and C&I projects in Thailand. We are also excited to partner with Super Energy on this project portfolio and look forward to further business collaboration between the two sides.”

Actis Southeast Asia Energy head Rahul Agrawal stated: “I’m excited for Levanta to be making this first investment into Thailand, a country which has great renewable energy potential and a commitment towards carbon neutrality by 2050.

“We’re looking forward to leveraging our energy generation experience across Asia and deploying our tried and tested playbook to build a utility-scale and C&I [commerce and industry] business in Thailand, helping the country make the transition away from fossil fuels to a more sustainable energy future.”

The acquisition is a significant move for Levanta, aligning with its strategic goal to achieve 1.5GW of operating capacity across Southeast Asia.

by power-technology