Investment manager Patrizia and Mitsui & Co have entered the Philippine solar PV market with binding agreements to acquire an interest in BEI, a rooftop solar PV developer.
The investment, which is conducted via a joint venture fund management called A-SIF, aims to invest in opportunities aligned with the “megatrends of decarbonisation, digitalisation, and demographic change”, Patrizia said.
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BEI was founded in 2016 and is a developer, owner and operator of solar PV in the commercial and industrial sectors of the Philippines. To date, BEI has successfully developed 31 sites across the country, achieving a total capacity of approximately 70MW.
A-SIF will invest up to US$100 million in the solar PV company to accelerate BEI’s growth objectives. These include delivering over 500MW of operational and development capacity by 2030 and positioning the company as a leading diversified energy platform in the Philippines.
James Buskowitz, founder and CEO of BEI, believes the funding will help the company explore new growth opportunities in the Philippines’ solar PV sector.
“This investment marks a significant milestone for BEI and will enable us to accelerate our growth trajectory. With A-SIF’s extensive experience in renewable energy globally, we are well-positioned to expand our capacity and explore new opportunities in the renewable energy sector, driving sustainable development in the Philippines,” Buskowitz said.
The renewable energy sector in the Philippines is growing rapidly, thanks to supportive regulations. The government aims for half of its power to come from renewables by 2040, which means an additional 74GW of renewable energy capacity will be needed. Solar PV continues its positive growth trajectory in thr country, with PV Tech having reported in April that the country will add 2GW of solar PV capacity by the end of the year.
This rapid growth has caught the eye of Saji Anantakrishnan, head of infrastructure for Australia and Asia at Patrizia, who said the Philippines’ market presents the “most compelling opportunities for A-SIF”.
It is worth noting that this investment in BEI represents A-SIF’s foray into an emerging APAC market. This marks the fund’s second investment, following its initial investment in the solar PV and battery energy storage development platform YES Group in Australia last year.
