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Virya Takes Control of Constant Energy in Southeast Asia

Belgian holding company Virya Energy NV said it has advanced its strategy to grow its global presence in renewables by taking a majority stake in Southeast Asian solar developer and independent power producer (IPP) Constant Energy.

Constant Energy develops rooftop photovoltaic (PV) projects and sells power through long-term corporate power purchase agreements (PPAs). The company has a portfolio of 121 MW of installed and contracted capacity in Southeast Asia.

Virya took control of the business through a combination of primary investments and secondary shares purchase from private equity firm Olympus Capital Asia which will remain a significant minority investor, a statement said last week.

“This [acquisition] not only bolsters our renewable energy production capacity with a significant solar portfolio and expertise but also aligns perfectly with our ‘fit for purpose energy’ value proposition in which we help our end-users transition towards renewable energy through the provision of energy adapted to their needs,” said Virya’s CEO Paul Tummers.

The investment in Constant Energy follows Virya’s deal to sell offshore wind player Parkwind NV to Japanese utility Jera Co Inc for an equity value of almost EUR 1.55 billion (USD 1.71bn), which was wrapped up earlier last week.

(EUR 1 = USD 1.103)

Source : Renewables Now