The Emerging Africa and Asia Infrastructure Fund (EAAIF) has signed a senior secured debt financing agreement with Ukko Renewable for up to $50m (€44m).
The deal will enable Ukko Renewable, the renewable energy platform of Groupe Duval in southeast Asia, to accelerate the development of an initial diversified pipeline of more than 2GW, EAAIF said in a statement.
This will fit within a broader pipeline of more than 3GW of wind, solar and hydropower projects across Vietnam, the Philippines and other southeast Asian countries, the company said.
EAAIF, a private infrastructure development group (PIDG) company managed by global investment manager Ninety One, said the move showed the firms’ commitment to support the energy transition in high-growth southeast Asian markets.
Philippe Valahu, CEO of the PIDG, said: “Supporting early-stage project development is a key pillar of PIDG’s 2023-30 strategy to accelerate a just transition to net-zero emissions across south and southeast Asia. We believe that mobilising the investment required for Asia’s green transition demands strong partnerships between public-backed finance and leading global sponsors.
“Our collaboration with Groupe Duval on UKKO’s wind, solar and hydro pipeline is a prime example of this approach, showing how EAAIF’s patient, customised debt capital can advance greenfield assets and plug infrastructure gaps where there is unmet need.”
Christophe Guyard, CEO of Ukko Renewable, said: “Partnering with EAAIF provides Ukko Renewable with the flexible, long-term credit required to scale our development pipeline at pace. EAAIF’s deep emerging-markets expertise and alignment with international ESG benchmarks make them the ideal institutional partner for our regional strategy, which respects local realities, environmental and social.”
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