A RENEWABLE-ENERGY fund will invest more than $2.5 billion in Southeast Asian renewable energy projects to support the region’s recovery from the pandemic, with a focus on the Philippines, Vietnam and Indonesia.
In a statement issued Monday, the South East Asia Clean Energy Facility (SEACEF) said it will offer high-risk venture capital-type funding initiative to “fill the gap” in financing early-stage clean energy projects in the region.
“Many potentially viable projects in Vietnam, Indonesia, the Philippines and other parts of Southeast Asia would not happen without such early-stage funding, as most private sector investors are unwilling to get involved until early-stage development risks are successfully mitigated,” SEACEF said.
The initiative, managed by Singapore fund management firm Clime Capital, is supported by private foundations like Bloomberg Philanthropies and London-headquartered Children’s Investment Fund Foundation (CIFF).
Early-stage investment will support the development of solar and wind facilities and energy storage, as well as technologies accelerating low carbon transition, such as energy efficiency and clean-energy transmission infrastructure.
Currently, an initial $10 million has been injected into SEACEF, with an additional $40 million due shortly.