Global investment firm Brookfield Asset Management has acquired Singapore-headquartered independent power producer (IPP) Alba Renewables.
The IPP’s acquisition marks the investment firm’s first renewable investment in two Southeast Asian markets: the Philippines and Thailand, according to Brookfield.
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Alba Renewables has a 1.8GW portfolio of solar PV, wind and battery storage assets, predominantly in the Philippines and Thailand. Alba has started construction of its first solar project in the Philippines, a 65MWp PV plant located in the northern province of Isabela. Meanwhile, Broofield also entered the Southeast Asian market of Vietnam with the acquisition of a 100MW operational wind project in the central region.
Daniel Cheng, Head of Renewable Power & Transition at Brookfield Asia Pacific, said: “Southeast Asia is at the forefront of the global energy transition, with surging demand, favourable policy frameworks and a deep need not just for capital, but also experienced operators with strong track records of unlocking renewable power at scale.”
Brookfield continues its expansion in Southeast Asia, having recently entered into a joint investment framework with Malaysian developer Solarvest to build a 1.5 GW utility-scale solar and battery energy storage system (BESS) portfolio in Malaysia.
Both the Alba acquisition and the Malaysia partnership were made through Brookfield’s Catalytic Transition Fund (CTF). CTF is the company’s dedicated vehicle to mobilise private capital into emerging markets, such as Southeast Asia, to accelerate the global net-zero transition, according to the company.
The company also continues its expansion into the renewables space with this latest acquisition. In the past few years, Brookfield acquired National Grid Renewables in the US – which later rebranded into Geronimo Power – earlier this year; acquired a majority stake in Indian developer Leap Green Energy in July 2024; that same year, Brookfield also acquired French IPP Neoen; and Duke Energy’s utility-scale renewables arm in 2023, among many other acquisitions.
