Tokyo Marine, Mitsui launch $123m solar energy fund
Tokio Marine Asset Management and Mitsui & Co. are reportedly set to jointly launch a solar energy investment fund with a targeted corpus of JPY10 billion ($123.3 million). Institutional investors, such as pension funds and life insurers, have been approached during the fundraising tour, The Nikkei reported.
The fund will invest in companies that are capable of building mega-solar facilities in 10 target locations in Japan. Mitsui will be responsible for building, operating and maintaining the facilities, which are expected to have an output capacity of 1-2 megawatts (MW) - enough to power 1,000 to 2,000 homes - while Tokio Marine will raise funding from longterm investors.
The firms hope to generate returns of 3-4% annually. Tokyo Marine announced that, if commitments exceed the fund's target, the firm will launch another fund with an up-to JPY100 billion ($1.23 billion) corpus in five years, the report added.
More on Infrastructure
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.