RATCH Australia is preparing to start a formal sale of a stake in its Nexif Australia renewables portfolio, according to two sources familiar.

UBS is managing the sale, which has been in the works for months.

The Thai company previously told sources that it was looking to sell a 30% stake in Nexif Australia, but one of the sources said that RATCH could sell out of Nexif’s Australian positions entirely if it is offered a sufficiently attractive price.

Funding the 256 MW third stage of the Lincoln Gap wind project and it’s co-located 130 MW battery in South Australia is an important part of the transaction, a source previously told Infralogic.

In August 2022, RATCH agreed to buy Nexif from Denham Capital for USD 605m plus assumed debt.

One of UBS’ predecessor investment banks, Credit Suisse, advised Nexif management on that sale.

Nexif RATCH now operates as a renewables developer, which is 51% owned by Nexif and 49% owned by RATCH. Nexif’s Australian assets are fully owned by RATCH but are managed on RATCH’s behalf by Nexif RATCH.

The assets include the first two stages of the Lincoln Gap wind farm, which have a combined capacity of 212 MW and are already operational. A 10 MW battery is part of that project.

RATCH’s Australian assets also include a 154 MW peaking, gas-fired turbine at Snapper Point in South Australia.

Officials and spokespeople at RATCH and UBS did not respond to requests for comment.