Virya Energy and Constant Energy Sign Landmark Agreement and Set New Horizons for Global Growth in Renewables
Virya Energy and Constant Energy forge a powerful partnership, significantly boosting Virya global presence in renewables. With Virya now as majority shareholder and having gained extensive access to capital, this alliance propels Constant Energy in a new era of growth and development.
Singapore, Braine l'Alleud | Belgium, 28 July 2023 - Constant Energy and Virya Energy (“Virya”) today announced the acquisition of a majority stake in Constant Energy by Virya through a combination of primary investment and secondary shares from Olympus Capital Asia, a leading middle market investment firm focused on Asia. Constant Energy is a well-established Singapore-based renewable electricity generation and storage development platform focused on the rapidly accelerating market of photovoltaic assets, encompassing rooftop solar, selling renewable power to reputable international corporate clients through long-term corporate PPAs. This includes an expanding portfolio of 121 MW of installed and contracted solar energy capacity in South East Asia, with growth potential in other Asian markets.
The deal creates a significant boost to Virya’s solar and Asian ambitions that complement its strong wind energy activities in Europe, namely in France, Belgium, Poland, and Portugal via its Eurowatt and Eoly entities. In particular, significant synergies are expected for the commercial and industrial business of Virya’s existing European platform based on Eurowatt & Eoly and the newly acquired Asian platform of Constant Energy.
By incorporating Constant Energy’s expertise in solar development, Virya is set to expand its clean energy portfolio and enhance its presence on the energy value chain which includes wind power, hydrogen development, energy distribution, as well as multiple services for the energy (infrastructure) industry.
Olympus Capital Asia will remain a significant minority shareholder in Constant Energy after the transaction.
Paul Tummers, Virya Energy CEO, commented: “We are thrilled to welcome Constant Energy to Virya. Their addition to our ecosystem is a perfect fit with Virya’s strategy and follows the closing of the sale of Parkwind earlier this week. This participation 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. Solar power fits perfectly in our energy value chain.”.
Franck Constant, CEO of Constant Energy added: “While we started Constant Energy 5 years ago, we are only still at the beginning of the renewable power industry servicing large-scale corporate clients in Asia. ESG imperatives demand that large corporates decarbonize faster. With solar power emerging as the most affordable energy source in our sun-drenched regions, we are humbled by Virya's trust and investment. This accelerates our growth, enabling us to make it happen for our clients and reduce carbon footprint.”
Gaurav Malik, Managing Director of Olympus Capital Asia, noted, "Olympus Capital Asia’s sustainability fund, Asia Environmental Partners (AEP), and Constant Energy's founding management team have built a solid platform for solar projects over the course of the past three years. With exciting growing opportunities in all of our target ASEAN markets, we welcome the partnership with Virya Energy, who will continue to build on Constant Energy's strong renewables platform by bringing extensive expertise in renewable energy as well as expansion capital."
Finegreen acted as financial advisor and Linklaters as legal advisor to Virya Energy for this deal. Olympus Capital Asia and Constant Energy were advised by Standard Chartered Bank and Hunton Andrews Kurth.
About Constant Energy
Constant Energy is a renewable electricity generation and storage investment platform which invests and manages high-quality power assets in selected countries.
Since 1995, Constant Energy management has specialized in the development, non-recourse financing, design, construction, and asset management of private power projects. In 2009, the management co-founded Sonnedix in France, which has become one of the largest solar IPP operating in nine countries. In 2017, the company was successfully sold with 350 MW of operating assets to a fund advised by JP Morgan Asset Management. On ESG performance, Constant Energy is rated with 5 stars by the GRESB Sector Leader Awards Program and rated Gold by Ecovadis. www.constantenergy.net
About Olympus Capital Asia
Olympus Capital Asia is an independent private investment firm that has been successfully investing in middle market companies across Asia for over 25 years and invested more than $2.7 billion of equity capital on behalf of its funds and co-investors in over 65 portfolio companies throughout Asia.
Beginning in 2009, Olympus Capital Asia's senior management team formed sustainability-focused funds, Asia Environmental Partners I and II, which focus exclusively on sustainability-related investments across Asia, including renewable energy, water equipment and services, recycling and reverse supply chain, electric vehicles, new materials, and optimized logistics. Asia Environmental Partners II led the investment into Constant Energy in January 2020.
Olympus Capital Asia has a team of experienced investment professionals and senior advisors located in Singapore, Hong Kong, New Delhi, Shanghai, and the U.S.