Armstrong's fund invests in renewables projects South East Asia

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Armstrong's fund invests in renewables projects South East Asia

Armstrong Asset Management is committing up to US$30 million from its South-East Asia Clean Energy Fund to finance an initial pipeline of solar photovoltaic and biogas power projects developed by Annex Power in Thailand, the Philippines and Indonesia.

Andrew Affleck, the Managing Partner of Armstrong Asset Management, said:

The opportunity to work with Annex was attractive due to the firm's track record and its expanding commitment to the development of projects of the type and scale suitable for the Fund.

Annex has achieved impressive results in the Thai solar market and is strengthening its leadership position with a strong pipeline of large-scale EPC projects. Annex has completed the engineering and construction of 58 MW of solar PV projects in Thailand and has secured contracts to construct a further 30 MW.

The partnership with Armstrong will enable Annex to further grow its development and asset management operations upon the base of its core EPC and consulting businesses in Thailand and the expanding project opportunities in Indonesia and the Philippines.

In May 2013, Armstrong announced its first investment from the Fund being a strategic cooperation with energy developer Symbior Solar Siam, a solar focused subsidiary of business incubator Symbior Energy, to develop and operate a portfolio of solar power generation projects in Central and Northeast Thailand.  The portfolio of six small-scale solar power plants will deliver a combined capacity of 30 MW to the Thai national grid.

Armstrong is on track to achieve a final closing of US$150 million for the fund in September this year following an initial close in August 2012.  Investors include private corporations, European development finance institutions (DFIs) such as GEEREF and DEG, as well as the International Finance Corporation (IFC), the private sector investment arm of the World Bank.

Source: Armstrong

List of country news

Country news

  • September 09, 2013

    RFQ launched for a waste PPP project in Indonesia

    The Procurement Committee of the Municipal Government of Batam of The Republic of Indonesia has published a Request for Pre-Qualification for international and domestic firms/consortium interested in participating in the competitive selection process to design, construct, finance and operate a green technology based solid waste treatment facility. Read more
  • November 27, 2013

    Indonesian city to tender two transport PPP projects

    The regional government of Surabaya (Indonesia), Read more
  • December 04, 2013

    Jakarta airport rail link to be tendered in Q2 2014

    . Read more
  • January 02, 2014

    Indonesia to allow larger foreign ownership share in infrastructure projects

    Foreign investors will be able to take larger stakes in Indonesia's infrastructure projects. The changes require formal presidential endorsement before they can come into effect. Read more
  • April 28, 2014

    Indonesia launches market sounding of PPP projects

    The Government of the Republic of Indonesia has announced that it will hold an infrastructure/PPP market sounding, in which three projects will be presented. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.