Ratch buys Lincoln Gap wind and battery and other assets from Denham Capital

Denham Capital has agreed to sell the Australian and south-east Asia energy portfolio of Nexif Energy, which includes the Lincoln Gap wind farm and battery in South Australia, to Thailand’s Ratch Group is a deal valued at  at $US605 million.

The assets of Nexif Energy, owned by the US-based Denham Capital, were offered for sale a year ago, one of a number of  proposed asset sales by early developers of Australian renewable energy assets.

Denham Capital and Nexif Energy said the deal with Ratch values Nexif Energy’s portfolio at an enterprise value in excess of $US1 billion.

Ratch was one of three companies shortlisted late last year as likely to take ownership of Nexif’s assets, and the two companies will now work together to manage and continue to grow Nexif Energy’s portfolio through a new Nexif-Ratch joint venture following the completion of the share sale transaction.

Nexif was founded in 2015 to acquire, develop, construct, and operate renewable energy projects across Australia and Southeast Asia.

Its flagship project is the Lincoln Gap wind farm which, upon completion of its multiple stages, will ultimately consist of 468MW of wind capacity and 10MW/10MWh of battery storage. It has already completed stage one of 212MW.

In total, Ratch is acquiring a portfolio with a total capacity of close to 2.7GW, including 500MW of operational or under-construction capacity, which will increase to 1.3GW by 2023, with a further 1.4GW in various stages of development.

Its assets also include the Snapper Point gas fired peaker plant, small hydro-electric generation, solar and onshore and offshore wind projects and a cogeneration project across Vietnam, Thailand and The Philippines.