Armstrong reaches $130m third close on SE Asia energy fund
Netherlands Development Finance Company FMO, the Swiss Investment Fund for Emerging Markets (SIFEM) and the IFC Catalyst Fund will invest about $45 million to Armstrong Asset Management's Southeast Asia cleantech fund, bringing the total capital raised to $130 million. A final close of $150 million is expected by September.
The 10-year fund invests in small-scale renewable energy and resource efficiency projects in Southeast Asia. It expects to make a total of between 10 to 15 investments, ranging from $5 million to $12 million. Projects of a typical size would generate up to 10 megawatts from renewable energy resources of solar, hydro, wind or biogas.
In May the International Finance Corporation (IFC) made a $20 million commitment to the Armstrong Fund. The latest investment is from IFC Catalyst, a fund-of-funds program focused on funds investing in innovative ways to address climate change in emerging markets.
Armstrong's first close was in August 2012 at $65 million with investments from development finance institutions GEEREF and DEG and an Asia-based corporation.
The fund made its first investment in May, backing the development and construction of a 30 MW portfolio of solar projects in Thailand, alongside Hong Kong-based energy company, Symbior Energy. Earlier this month it invested $30 million to finance an initial pipeline of solar photovoltaic (PV) and biogas power projects, developed by Annex Power, in Thailand, the Philippines and Indonesia.
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