SUSI Partners is investing in solar projects in Southeast Asia through its Asia Energy Transition Fund (SAETF).
SUSI said it has expanded its partnership with clean energy developer BayWa re for the development, construction, and operation of commercial and industrial (C&I) solar photovoltaic (PV) projects in Malaysia, Thailand, Vietnam, the Philippines, and Indonesia.
The pair’s previous partnership focused on renewables in Europe.
SUSI said the partnership intends to develop projects of up to 20MWp that will derive revenue from long-term electricity offtake agreements with larger corporations.
The plan involves SUSI eventually fully acquiring ready-to-build projects once a power purchase agreement has been secured, SUSI said, adding that an initial portfolio with a capacity of over 20MWp has been earmarked for acquisition.
The latest deal further expands SAETF’s energy transition infrastructure portfolio, which now consists of five portfolio companies across utility-scale renewable energy generation, energy efficiency, and distributed solar PV solutions for C&I end customers across Southeast Asia.
Back in June, SUSI received $120m (€112m) in total capital commitments at the close of its Asia energy-transition fund, as the Development Bank of Austria, the Belgian Investment Company for Developing Countries, and British International Investment joined as investors.
At the time, the manager said SAETF, which closed at the end of May, counts seven development finance institutions as well as selected private investors as backers.
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