Patrizia and Mitsui & Co’s APAC Sustainable Infrastructure Fund (A-SIF) is planning to invest up to US$100m (€89.6m) in rooftop solar projects in the Philippines through Buskowitz Energy (BEI).
A-SIF has agreed to acquire Vivant Renewable Energy Corporation’s interest in BEI.
Since its founding in 2016, BEI has become a major player in the Philippine commercial and industrial solar market. The company has a team of over 100 professionals and has developed 31 sites with a combined capacity of approximately 70MW.
The latest deal follows A-SIF’s initial commitment of up to A$70m (€43.3m) in Australian solar and battery energy storage projects through the acquisition of an equity stake in renewables specialist YES Group and providing funding for the development of assets across Australia.
Saji Anantakrishnan, head of infrastructure for Australia and Asia at Patrizia, said: “Renewable energy in the Philippines is a fast-growing sector that presents compelling opportunities for A-SIF.
“BEI is the clear market leader, and we are excited to partner with James Buskowitz [founder and CEO of BEI] and his team to build the next generation renewable energy platform in the Philippines.”
Buskowitz said: “We are thrilled to join forces with A-SIF. 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,” he said.
“The gap between what is real estate and what is infrastructure is narrowing and investment opportunities that combine the two are continuing to open up,” said Phoebe Smith, head of fund management for ‘RE-infra’, the term being used by Patrizia to describe a new asset class that combines real estate and infrastructure.
“We see that technology is the glue which brings these two asset classes together and rooftop solar is one of the more mature RE-infra examples. We are excited by the evolving landscape of investment opportunities in this space, particularly in relation to smart cities, and are focused on achieving AUM growth through RE-infra investments of at least €4bn by 2030.”
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