Singapore’s Nexif Energy is weighing a full exit of its 51% interest in Nexif Ratch Energy, an Asia Pacific-focused renewables developer, according to two sources familiar.

RATCH, a Thai state-backed energy firm, holds the remaining 49% in the JV.

It comes as Nexif Energy’s founders Surender Singh and Matthew Bartley seek to exit their holdings in a Rothschild-advised process.

Deal talks remain ongoing and the final stake amount on offer may be subject to change, the sources said.

Nexif Ratch Energy was formed in December 2022 after Denham Capital sold Nexif to RATCH for USD 605m plus assumed debt.

Nexif Energy started off as the manager of InfraCo Asia in 2011, developing renewables projects across South and Southeast Asia, before Denham bought most of the business in 2015, aiming to build it into an independent power producer in Southeast Asia and Australia.

Nexif Ratch Energy’s current portfolio includes 378 MW of operating, under construction and shovel-ready hydro, solar, and wind assets and a 3.6 GW development pipeline in the Philippines and Vietnam.

Separately, RATCH has been trying to sell a minority stake in its Nexif Australia portfolio, which includes the Lincoln Gap onshore wind farm and the 154 MW Snapper Point gas-fired peaking power plant. AGL Energy has been negotiating with RATCH to buy Snapper Point on its own.

The Australian assets, which Nexif used to own, are fully owned by RATCH but are managed on RATCH’s behalf by Nexif Ratch.

Nexif Ratch Energy is headquartered in Singapore with regional offices in the Philippines, Vietnam and Thailand.

A spokesperson for Nexif Ratch Energy declined to comment. RATCH and Rothschild did not respond to requests for comment.