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Press release

Actis’ Southeast Asia renewables platform Levanta makes first Thailand investment with 139MWp operating solar portfolio acquisition

08 July 2024
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LONDON, 8 July 2024: Levanta Renewables (“Levanta”), Actis’ (a leading sustainable infrastructure investor) renewable energy developer and independent power producer in Southeast Asia, has announced the acquisition of a 90% controlling shareholding in a 139.4MWp operating solar project portfolio in Thailand. The projects have been acquired from Super Energy Corporation Public Co. Ltd. (“Super Energy”), a leading Thai renewable energy developer with operations across Thailand and Vietnam, and Super Energy Group Co. Ltd., a subsidiary of Super Energy.

The investment marks Levanta’s first transaction and entry into the Thai market and serves as a key step towards its goal of achieving 1.5GW of operating capacity across Southeast Asia.

The portfolio Levanta has acquired consists of 24 ground mounted solar farms spread across four provinces in Thailand, with each solar farm 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 one of nine energy generation businesses Actis has invested in across Asia (excluding Middle East) with Actis investments in the region having an installed capacity of 8.5GW, including 5.6GW of renewables.

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