Levanta Renewables, a sustainable energy developer and independent power producer in Southeast Asia owned by Actis, a prominent investor in sustainable infrastructure, has revealed the purchase of a 90% controlling stake in a portfolio of operational solar projects totaling 139.4MWp in Thailand. These projects were acquired from Super Energy Corporation Public Co. Ltd., a major Thai renewable energy developer active in Thailand and Vietnam, and its subsidiary, Super Energy Group Co. Ltd.
This investment represents Levanta's inaugural transaction and entry into the Thai market, signaling a significant milestone in its ambition to reach 1.5 GW of operational capacity throughout Southeast Asia. The portfolio Levanta has purchased includes 24 ground-mounted solar farms located in four provinces across Thailand. Each solar farm operates under a 25-year power purchase agreement with the Provincial Electricity Authority of Thailand.
Sudhir Nunes, CEO of Levanta Renewables, said, "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".
Rahul Agrawal, Head of Energy for Southeast Asia at Actis, commented, "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 business in Thailand, helping the country make the transition away from fossil fuels to a more sustainable energy future".
Levanta is among nine energy generation companies in Asia (excluding the Middle East) in which Actis has made investments. Actis' investments in the region total an installed capacity of 8.5GW, with 5.6GW attributed to renewable energy sources.