BlackRock’s Climate Finance Partnership (CFP) fund is partnering with Ditrolic Energy to develop solar power projects for businesses and utilities across emerging markets in Asia-Pacific.

Public-private finance vehicle CFP is backing the Malaysia-headquartered regional renewable energy developer to build the projects, focusing on commercial and industrial and utility-scale solar assets.

The partnership intends to accelerate Ditrolic Energy’s 1GW-plus solar pipeline in Malaysia, Bangladesh, Indonesia and the Philippines, bringing clean energy to these emerging markets.

Tham Chee Aun, founder and group CEO of Ditrolic Energy, said: “We are committed to playing a key role in Asia’s energy transition. We are grateful for BlackRock’s support, because the investment in Ditrolic Energy enables us to rapidly increase scale and maximise value to support transition to low-carbon economies throughout multiple markets.”

Valerie Speth, Asia-Pacific co-head of climate infrastructure at BlackRock, said: “Ditrolic Energy holds a proven solar development track record in this diverse region.

“This partnership aligns well with our existing portfolio which presents an attractive opportunity to mobilise more capital into climate infrastructure in emerging markets and accelerate national ambitions to achieve net-zero economies.”

The latest deal represents the third partnership CFP has achieved in Asia, following CleanTech Global Renewables in the Philippines and Chow Energy in Thailand last year.

CFP is a collaboration between BlackRock, the development finance institutions of France, Germany and Japan, alongside US impact organisations.

The partnership raised $673m in commitments from a global consortium of investors including governments, philanthropies and institutional investors in an oversubscribed final fundraise, exceeding the initial target of $500m.

Altérra, a climate-focused fund launched by the United Arab Emirates at the COP28 Climate Summit in Abu Dhabi last month, pledged to invest in CFP, which seeks to cut carbon emissions in emerging markets.

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