DNV, the global independent energy expert and assurance provider, announced today that it advised Actis, a leading global investor in sustainable infrastructure on its acquisition of a majority stake in Levanta Renewables, a Singapore-headquartered renewable energy developer and independent power producer (IPP).
DNV provided technical due diligence for a 300MW portfolio of “shovel ready” renewable energy power plants in addition to a 1.5GW pipeline of projects. The seed portfolio is located primarily in Vietnam, and DNV was asked to assess its commercial bankability and identify risks across a wide range of technical issues that may impact the valuation of the renewable energy assets.
DNV’s independent review involved the validation of resources data, energy production forecasts, plant design, permits and contracts, the identification of technical factors that may impact energy production and the recognition of commercial risks that may affect revenue over the plants’ operational lifetime. In addition, DNV also provided mitigation solutions for the safety and performance of the multi-megawatt power plants.
This acquisition is Actis’ first energy infrastructure investment in Vietnam and will support the country’s net-zero target by 2050. It follows on Actis’ expansion plans and will be an intrinsic part of their goal for sustainable value creation and investing in resilient, future-proofed companies that are focused on delivering an equitable and inclusive energy transition.
“Actis has worked closely with DNV on a number of assignments within the ASEAN region and appreciates the combination of commercial pragmatism with technical expertise within an understanding of the needs and challenges of a due diligence process. It was great to bring that to bear on the Levanta portfolio and deliver a successful outcome,” said Liam Smith, Director, Actis.
“It has been a real privilege to work closely with Actis in conducting this due diligence assessment which has provided them with the confidence to proceed with the acquisition. Actis’ steadfast focus on expanding the installation of renewable energy plants in growth markets coupled with their ability to apply international environmental, social and governance (ESG) standards in their investments creates tremendous value. We have worked with Actis on multiple contracts and a wide variety of collaboration and are very happy to support them on this project. We are humbled that they have again placed their trust in us,” said Benoit Nguyen, Head of Renewables – Southeast Asia, Energy Systems, DNV.
“We continue to see increasing confidence among developers in the Southeast Asian renewable energy market as a result of the drive towards a net-zero economy. Investors’ appetite for well-designed and well-constructed renewable energy projects matches DNV’s goal to contribute to building safe, reliable and commercially viable clean energy infrastructure that will accelerate the energy transition in Southeast Asia,” added Brice Le Gallo, Vice President and Regional Director-Asia Pacific, Energy Systems at DNV.
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