SC Capital Platform buys New Zealand solar projects for $135 million

Renewable energy fund manager SC Oscar has acquired the New Zealand solar developer as the first investment in the Singapore-based company’s first infrastructure fund.

SC Oscar, backed by private equity firm SC Capital Partners, has purchased Ranui Generation on behalf of SC Renewable Energy Plus Fund 1, the company said in a statement on Tuesday. The acquisition includes four development-stage solar power projects in New Zealand with a total capacity of 157 megawatts (peak), with an investment of $135 million.

SC Capital, led by Thai financier Suchad Chiaranussati, founded SC Oscar in 2022 in partnership with Oscar Energy, a developer-operator founded by former KPMG climate change guru Des Godson. The platform was attracted by Ranui’s quality portfolio and New Zealand’s robust and competitive electricity market, said SC co-founder and CEO Oscar Conor McCoole.

“SC Oscar aims to create long-term value for investors through investments in the energy transition and we are delighted to support New Zealand in its commitment to a full transition to renewable energy,” said McCoole, a former Standard Chartered banker.

The fund’s goal is $300 million

SC Renewable Energy Plus Fund 1 achieved its second close in March and aims to raise $300 million after receiving capital commitments from Southeast Asian companies and a family office, according to SC Oscar.

With the fund’s support, Ranui will immediately begin construction of the first solar project in the Northland region of the North Island and accelerate the development of the three remaining greenfield projects on the island, which are scheduled to begin in 2025.

Government statistics show New Zealand’s installed solar generation capacity exceeded 437MW at the end of May. The ruling National Party ran for office last year advocating doubling the country’s renewable energy supply by cutting red tape.

The investment in Ranui is the first of several planned by SC Oscar as part of its commitment to renewable energy and real energy transition assets in the Asia-Pacific region, the company says.

Power supply

SC Capital joins the growing trend of fund managers engaging in renewable energy investments, and earlier this month Digital Edge announced a partnership to collaborate on renewable energy projects to power its data centers in the Asia-Pacific region.

Singapore-based Digital Edge and renewable energy developer and producer Peak Energy – both backed by US private equity firm Stonepeak – will jointly deliver an initial pipeline of 500 MW of operational capacity for existing and planned data centers over three years.

In May, PAG announced the closing of its first fund focused on renewable energy, and the pan-Asian private equity firm raised $550 million in capital for the new vehicle.

According to Hong Kong-based PAG, the Asia-Pacific region will require over $2 trillion in investment in renewable energy generation and energy storage over the next decade.