Investment Returns
Rānui Energy LP offers institutional and accredited investors exposure to New Zealand's growing solar energy sector with attractive risk-adjusted returns.
Before fees and carried interest
After fees and carried interest
Multiple on invested capital
Projected Returns Bridge
IRR breakdown from unlevered returns through to net investor returns after fees
NZ Wholesale Electricity Price History
Project Level Cashflows (NZD millions)
| Year | CAPEX | Revenue | OPEX | FCFE |
|---|---|---|---|---|
| 2024 | (10.8) | 0.0 | 0.0 | (10.8) |
| 2025 | (35.9) | 0.0 | 0.0 | (12.4) |
| 2026 | (143.8) | 9.6 | (0.8) | (74.6) |
| 2027 | (45.1) | 31.8 | (3.0) | 23.7 |
| 2028 | 0.0 | 45.9 | (4.6) | 27.0 |
| 2029 | 0.0 | 39.0 | (4.7) | 18.7 |
| 2030 | 0.0 | 34.1 | (4.8) | 13.8 |
| 2031 | 0.0 | 31.0 | (4.9) | 130.0 |
FCFE = Free Cashflow to Equity. Exit proceeds of NZD 119.2m included in 2031 FCFE.
Investment Structure
Rānui Energy LP Structure
Rānui Energy LP is a New Zealand partnership that holds a portfolio of solar projects on behalf of the SC Renewable Energy Plus Fund 1 LP, a Singapore domiciled renewable energy fund managed by SC Oscar Fund Management Pte Ltd.
Current Portfolio
- • Sunshine 1: 31 MW (Operating)
- • Sunshine 2: 36 MW (Ready to Build)
- • Sunshine 3: 41 MW (Development)
- • Sunshine 4: 54 MW (Development)
Growth Potential
- • Target 350 MW by 2031
- • Potential for 500-1,000 MW portfolio
- • Co-investor opportunities available
- • Development project acquisitions
Strategic Advantages
Scale
Projects targeted at 30-60 MWp provide more grid connection opportunities, can be funded on an all-equity basis initially, and are diversified across multiple pricing nodes.
Speed
Construction can start earlier without requiring offtake agreements or debt in place, accelerating the timeline from ready-to-build to construction start.
Cost Leadership
Focus on keeping development costs and overheads low. Market data shows Rānui is a cost leader in the New Zealand solar market.
Quality
Highest quality manufacturers including GE inverters, LONGi modules, and Studer cables. Factory inspections and design specifications above industry standards.
Key Financial Assumptions
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