Armstrong’s SE Asia renewables fund could top US$1.2 billion

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Independent clean energy asset manager, Armstrong Asset Management, has said its South East Asia Clean Energy Fund could top US$1.2 billion, according to Bloomberg.

On the 11 November Armstrong announced it had already completed fundraising of US$164 million for the debut South East Asia Clean Energy fund, exceding the initial target fund size of US$150 million. Additional investments and US$800 million in project finance have edged the fund over the US$1 billion mark.

The South East Asia Clean Energy fund is a private equity fund, investing in small scale renewable energy in the region.

The company said in a statement its investment in renewable energy and efficiency is driven by the high energy demands in the region and strong market fundamentals.

The fund has ten investors from Europe, North America and Asia, including two new investors: the development financial institution, PROPARCO (part of Agence Française de Développement) and asset manager, Unigestion.

Investors also include the International Finance Corporation (IFC) of the World Bank, development finance institutions: Global Energy Efficiency and Renewable Energy Fund, DEG (part of Germnay's KfW bank), FMO, IFC AMC and Obviam, and the Armstrong management team itself.

On the completed fundraising Andrew Affleck, managing partner at Armstrong Asset Management said the success of the fundraising has been driven by South East Asia’s “respective markets' evolving policy framework, obvious market demand and the growing pipeline of mature deal opportunities”.

Asset manager, Unigestion, Hanspeter Bader, head of private equity said: “Many new companies are evolving to manage existing resources and deliver alternative energy sources that will benefit from private equity funding and create exceptional long-term strategic opportunities for investors.” 

The fund focuses particularly on Thailand, Philippines, Indonesia and Vietnam and has already made two investments made this year. Armstrong invested in Symbior Solar Siam in May. Then in August Armstrong announced that it would commit US$30 million for solar PV and biogas projects in South East Asia, with the company pairing up with developer Annex Power on the projects in Thailand, Indonesia and Singapore.

Armstrong also stated that it intends to make ten to 15 investments with developing businesses, allocating US$5 million to US$25 million to each, or more for co-investments.

At the beginning of November IHS predicated by 2015 annual installations could reach 1GW across Thailand, Malaysia, Indonesia, Vietnam, Singapore and the Philippines.

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