Singapore’s Temasek and HSBC’s sustainable infrastructure debt platform and British International Investment (BII) have provided $80m (€74m) in funding to renewable energy developer ib vogt Singapore to help expand utility-scale solar and battery storage projects across Southeast Asia.
The financing facility provided by Pentagreen Capital and BII is expected to initially support $300m worth of projects, with a total capacity of around 260MWp of power generation and 175MWh of battery storage. The first project funded will be a 100MWp solar power development in the Philippines.
Nik Mehta, British high commissioner to Singapore, said: “The UK is committed to mobilising the capital and partnerships needed for a more prosperous, low-carbon future.
“We are proud to support this transformative clean energy initiative through British International Investment, which will drive sustainable growth, create jobs, and unlock new market opportunities in the region.”
Marat Zapparov, CEO of Pentagreen Capital, said: “This landmark partnership demonstrates that innovative financing has a significant role to play in catalysing capital to critical renewable infrastructure such as utility-scale solar and battery storage projects.
“Indonesia and the Philippines have been identified as the initial markets for this financing due to their strong renewable energy potential, supportive regulatory environments and growing demand for clean power. This is the kind of catalytic capital required to accelerate the construction of sustainable, competitive and secure energy infrastructure in the region.”
Rohit Anand, regional head, Southeast Asia, and head of infrastructure equity, Asia at BII, said: “We’re excited to announce this new partnership with Pentagreen and ib vogt which will support the acceleration of clean energy access in Southeast Asia.
“This collaboration underscores our strong commitment to enhancing climate finance and mobilising more capital towards sustainable development in the region, particularly in high-need markets like the Philippines and Indonesia.”
David Ludwig, CEO of ib vogt APAC said: “We are thrilled to partner with Pentagreen and BII to unlock the next stage of our growth in Southeast Asia. Our team is deeply passionate about accelerating the energy transition and firmly believes that the significant financing volumes required for this region will increasingly depend on innovative solutions like this facility.
“This partnership marks a crucial step towards implementing our growing pipeline of late-stage projects in the coming years.”
To read the latest IPE Real Assets magazine click here.
