Armstrong makes debut exit from Thailand's Symbior

According to a release, PDI Energy, an energy-focused subsidiary of Thailand-listed Padaeng Industry (PDI), paid THB1.26 billion ($38 million) for Symbior Elements, the holding company for the assets and a subsidiary of Hong Kong-based Symbior Energy. Armstrong held a 60% stake in Symbior Elements that it bought in 2013 for an undisclosed amount.

The solar farms are located in three provinces and have a total capacity of 30 megawatts, with 25-year power purchase agreements with the Provincial Electric Authority. One of them was already operational at the time of Armstrong's purchase and the last came online in 2016. After the transaction, PDI Energy will control solar power assets in Thailand and Japan with a total capacity of 50 MW.

The Symbior deal was Armstrong's first investment from its Southeast Asia Clean Energy Fund, which launched in 2012 and closed the following year at $164 million. The vehicle provides development capital to small-scale renewable energy and resource efficiency projects in Southeast Asia. Other portfolio companies include Thailand's Annex Power, which focuses on solar and biogas projects, and Vietnamese hydropower company Gia Lai Electricity.

Armstrong sees one of its roles as taking on the construction costs associated with greenfield power projects, which carry too much risk for local utilities, particularly in developing countries. Once the projects have been de-risked and are regularly generating returns, the firm hopes to exit by selling to other private or public players.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Cleantech
• Trade sale
• Infrastructure
• Thailand
• Armstrong Asset Management
• energy