Armstrong cleantech fund makes debut investment in Thailand

The project portfolio comprises six small-scale solar developments in central and northeast Thailand with a combined capacity of 30 megawatts. Armstrong will inject capital into Symbior Elements, the entity that holds the development and operating rights, including land ownership rights.

Of the projects, one is currently operational, generating 1 MW, and the others are all in late-stage development. They are part of a renewable energy platform set up by SSS in rural Thailand that is targeting 200 MW in solar PV capacity by 2015.

"We look forward to building on our excellent working relationship with the Symbior team whose established local operations and international experience in project development, engineering, and clean energy financing provides a strong platform for growth," said Andrew Affleck, managing partner at Singapore-based Armstrong.

The PE firm launched Armstrong South East Asia Clean Energy Fund last May and reached a first close of $65 million in August. LPs include European development finance institutions (DFIs) GEEREF and DEG. It will make 10-15 investments, ranging from $5 million to $12 million, over a 10-year lifespan. The focus is on providing capital to small-scale renewable energy and resource efficiency projects that address the energy needs of emerging markets in the region.

DFIs have typically led the way when it comes to cleantech investment in Asia. They are expected to account for around 40% of total commitments for this latest fund.

Last month Armstrong appointed Yasushi Ujioka as investment director.

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• Topics
• Southeast Asia
• Cleantech
• Expansion
• Armstrong Asset Management
• Cleantech
• Southeast Asia
• Thailand
• Growth capital