OPIC to support Asia's energy spaces
OPIC, a US government-backed development finance institution, has approved a $62 million capital injection into the Renewable Energy Asia Fund, which has so far raised $125 million.
This $187 million fund will target companies with in-depth technology developments in spaces like wind and hydro-tech, with the goal of closing the sizeable electricity demand-supply gap in its target markets. The fund will be managed by Berkeley Energy, which has a presence in Delhi, Manila and London.
Additionally, OPIC has committed $50 million to the Mekong Renewable Resources Fund (MRRF), which will invest in SMEs in Vietnam, Cambodia and Laos. The target size for the fund is $150 million, managed by the Indochina Capital Corporation.
According to a statement, Asia's renewable energy industry has not received enough capital to fully develop, despite a rapid increase of demand for green innovations.
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