Levanta Renewables has agreed to buy six commercial and industrial solar projects spread across Malaysia, Indonesia and Thailand. Together they total 9.5 MW. Six weeks earlier the Actis-backed platform had bought 139.4 MWp in Thailand. The new portfolio is less than a tenth of that size, yet it gives Levanta something its larger deals did not: a different kind of customer.
Key takeaways
- Levanta Renewables, backed by Actis, announced on 23 August 2024 that it had signed an agreement to acquire a 9.5 MW solar commercial and industrial (C&I) portfolio in Malaysia, Indonesia and Thailand from a regional developer, with the deal value undisclosed.
- The Levanta C&I portfolio comprises six solar PV projects, three in Malaysia, two in Indonesia and one in Thailand, expected to generate more than 13 GWh a year.
- Power from the six Levanta C&I projects will be sold under long-term PPAs to leading Global 500 multinational companies.
- Levanta Renewables aims to build a 1.5 GW renewable energy platform across Southeast Asia by 2028.
- Enerdatics records only four distributed solar M&A transactions in Asia-Pacific announced in 2024, and two of them are Levanta's: this 9.5 MW portfolio and a 28.7 MWp rooftop system in Vietnam.
Who buys the power from Levanta's other assets?
State utilities. Levanta's first deal, announced on 8 July 2024, was a 90 percent stake in a 139.4 MWp portfolio of 24 ground-mounted solar farms in Thailand bought from Super Energy Corporation. Their output is sold under 25-year PPAs to the Provincial Electricity Authority of Thailand. Eight days later Levanta agreed to buy a 28.7 MWp rooftop system in Dong Nai province, Vietnam, whose output is sold under long-term PPAs to Vietnam Electricity.
The Vietnamese system is one of the largest single-site rooftop installations in the country, covering close to 200,000 square metres of roof. For Super Energy, the Thai sale was a balance sheet decision: it used the proceeds to repay loans, cutting its debt-to-equity ratio from 2.72 times to 2.29 times. Both assets sell to state-owned utilities under long-term contracts. Both also tie Levanta's earnings to a single state buyer in each country. The C&I portfolio is the first in Leap's records of the platform's deals to sell power to private companies instead.
What makes C&I solar a different business?
The customer is the business that uses the power. Commercial and industrial solar, or C&I, means projects built to supply factories, warehouses and other corporate sites, usually on or near the customer's own premises, under a contract with that company rather than with a utility.
That changes the risk. A PPA with a Global 500 multinational carries the credit of a large international company rather than a state utility. The customers are not named, and neither is the seller, which Leap describes only as a regional renewable energy project developer. The structure also means each project is small and tied to one site. The six projects here average under 1.6 MW each, against roughly 5.8 MWp for each of the 24 Thai farms.
It changes the yield, too. At more than 13 GWh a year, the C&I portfolio is expected to produce at least about 1,370 MWh per MW. The Vietnam rooftop system, at more than 34 GWh from 28.7 MWp, works out at about 1,180 MWh per MWp. Leap does not give the reason for the gap, but it is a reminder that capacity alone says little about how much power a small distributed portfolio will produce.
Why spread six projects across three countries?
Because a regional platform needs a foothold in each market before it can grow there. Levanta described the deal as an expansion in its three markets that solidifies its position as a provider to both C&I and utility customers. Three sites in Malaysia and two in Indonesia give it operating relationships with corporate offtakers in countries where, on Leap's records, it had no assets before.
The approach matches what Actis has done elsewhere. Actis has built positions in new markets by acquisition before, as it did when it paid $100 million for a South Korean solar platform that was still mostly unbuilt, and when it agreed to take on Enel's Peruvian generation business through Niagara Energy. Small first deals in new countries are a common way for such platforms to establish themselves.
Enerdatics records that Levanta's Thai entry deal carried an equity consideration of $132.31 million for the 90 percent stake, a figure not disclosed in the original announcement. Grossed up to 100 percent, that is about $147 million, or roughly $1.05 million per MWp for operating, utility-contracted solar. No price has been disclosed for the C&I portfolio, and only one of the four Asia-Pacific distributed solar deals of 2024 in Leap carries a value at all.
What does the deal signal for Southeast Asian solar?
It signals that platform builders see corporate demand as the next layer of growth once a utility-contracted base is in place. Levanta bought scale first in Thailand and Vietnam, then added a small portfolio whose value lies in its customers rather than its size.
It also signals how thin the public market for distributed solar in the region still is. Two of the four Asia-Pacific distributed solar deals Enerdatics recorded in 2024 came from one buyer in one summer. For anyone benchmarking C&I assets in Malaysia or Indonesia, there is very little to go on.
The C&I deal was conditional on regulatory and other approvals and was expected to close before the end of 2024. Levanta kept buying. In 2025 it acquired full ownership of a 32 MW Thai solar portfolio, operating since 2013 and selling to the Provincial Electricity Authority, through two parallel stake purchases, and the 98 MW Daisy and Apollo solar portfolio in Thailand for $124.48 million. In March 2026 it moved into wind, taking 80 percent of the 50 MW Chu Prong project in Vietnam for $31.78 million. The 9.5 MW C&I deal remains the smallest in its Leap record.
Frequently asked questions
What did Levanta Renewables buy in August 2024? Levanta Renewables agreed to acquire a 9.5 MW portfolio of six C&I solar projects in Malaysia, Indonesia and Thailand from a regional developer, announced on 23 August 2024. The value was not disclosed.
Who buys the power from Levanta's C&I portfolio? The six projects sell their power under long-term PPAs to leading Global 500 multinational companies, unlike Levanta's Thai and Vietnamese assets, which sell to state utilities.
Who owns Levanta Renewables? Levanta Renewables is backed by Actis and aims to build a 1.5 GW renewable energy platform across Southeast Asia by 2028.
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