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.
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.
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.”
