Constant Energy and Virya Energy are set to acquire a majority stake in Constant Energy by Virya. This will be done by way of a combination of primary investments and secondary shares from Olympus Capital Asia.
Olympus Capita Asia is a middle-market investment firm focused on Asia. Singapore-based renewable power platform Constant Energy delves into renewable electricity generation and storage development. It is a key played in Southeast Asia.
The agreement will give an impetus to Virya Energy’s solar goals. The firm looks into the development, financing, construction and operation of sustainable energy sources solar. The firm has a strong European presence in the wind sector in France, Belgium, Poland, and Portugal via its Eurowatt and Eoly entities.
Virya will incorporate Constant Energy’s prowess in solar development, which will enable it to augments its portfolio with additions in wind power, hydrogen development, energy distribution, as well as multiple services for the energy (infrastructure) industry.
Following the transaction, Olympus Capital Asia will be an important minority shareholder in Constant Energy.
Paul Tummers, Virya Energy CEO, said, “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 commented on the partnership, “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.”
“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,” stated Gaurav Malik, Managing Director of Olympus Capital Asia.