Virya Energy buys majority stake in Constant Energy

Constant Energy has been acquired by Virya Energy in a deal that combines primary investments and secondary shares from Olympus Capital Asia. The acquisition aims to support Virya's solar and Asian goals, complementing its wind energy activities in Europe.

Constant Energy, based in Singapore, focuses on the rapidly growing market of photovoltaic assets, including rooftop solar systems, and sells renewable power to international corporate clients through long-term corporate power purchase agreements (PPAs). The company holds a portfolio of 121 MW of installed and contracted solar energy capacity in Southeast Asia, with opportunities for further growth in other Asian markets.

Olympus Capital Asia will retain a significant minority stake in Constant Energy following the transaction. The deal was facilitated by Finegreen as financial advisor and Linklaters as legal advisor for Virya Energy, while Standard Chartered Bank and Hunton Andrews Kurth advised Olympus Capital Asia and Constant Energy, respectively.