SUSI Partners raises US$81 million to invest in Southeast Asia renewables

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An artist’s impression of the 145MW Cirata floating PV plant that Masdar is developing in Indonesia, which has become a key growth market for many investors in recent months. Image: Masdar.

Swiss infrastructure fund manager SUSI Partners has raised US$81 million to tap into the fast-growing renewables sector in Southeast Asia.

SUSI Partners announced on Tuesday (25 May) it has raised US$81 million in the first close of its Asia Energy Transition Fund (SAETF), which was set up to “accelerate the buildout of sustainable energy infrastructure in a region that will be a crucial factor in achieving global climate targets,” said Marius Dorfmeister, SUSI Partners’ co-chief executive. SUSI’s ultimate target for the fund is US$250 million.

The fund manager secured investment from a series of global banks including the Asian Infrastructure Investment Bank (AIIB), Dutch development bank FMO, and Nordic development finance institutions Norfund and Swedfund, as well as institutional investors headquartered in Germany and Singapore.

Fellow co-CEO Marco van Daele said that governments’ new net-zero and energy transmission targets, and the resulting need for investment in new power systems, make Southeast Asia an “attractive market” for institutional investors.

SUSI’s business in Singapore, he said, will “widen SUSI’s investment remit and allow for further expansion into the high-growth markets of Asia.”

The SAETF fund will be used to invest in clean power generation, energy efficiency, energy storage and microgrids. The investor has singled out Indonesia, Thailand, Vietnam and the Philippines as “first-priority markets”, followed by Malaysia, Cambodia and Laos.

Southeast Asia’s PV market has picked up pace in recent months. Indian solar company Fourth Partner Energy created a JV in March that will develop commercial and industrial solar projects in Indonesia, while Sunseap Group and utility Tenaga Nasional Berhad recently announced a collaboration to transport renewable electricity from Malaysia to Singapore. Abu Dhabi-based developer Masdar has also revealed a “significant ambition” to expand its clean energy portfolio in the region by forming joint ventures with other entities.

This coming July will see more than 300 industry insiders connect online for the seventh Solar & Storage Finance Asia Summit hosted by our publisher, Solar Media. Taking place from 6-8 July, the event will host upwards of 50 speakers from 25 countries discussing the latest trends in Asia’s solar and storage investment markets.

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