Armstrong buys into Thai solar plants

The Singapore-based firm, which invests in Southeast Asia’s clean energy sector, has revealed its first deal from the new fund.

Singapore-based Armstrong Asset Management has invested in six solar power plants in Thailand together with Hong Kong-based Symbior Energy, according to a company statement.

The deal size was not disclosed, but Armstrong’s clean energy investments are in a deal range of $5 million – $12 million, according to the firm. 

Armstrong and Symbior will develop and operate the small-scale solar power generation projects in Central and Northeast Thailand, which are expected to deliver a combined capacity of 30 MW to the Thai national grid. According to the firm, 30 MW (45 GWh/year) generated by the six solar plants will produce enough electricity for roughly 90,000 people.

The investment is the first from the Armstrong South East Asia Clean Energy Fund, a $150 million vehicle expected to close in August. The fund held a first close last August on $65 million, receiving commitments from European development institutions GEEREF and DEG, and an Asia-based corporation, the statement said. 

Armstrong also has a deal in the Philippines undergoing due diligence, Andrew Affleck, managing partner, told PEI in an earlier interview.

The 10-year Armstrong fund will invest in small-scale renewable energy and resource efficiency infrastructure projects in Thailand, the Philippines, Vietnam, Indonesia and other Southeast Asian emerging markets. Typical projects sizes will generate power of up to 10 megawatt (MW) from renewable energy resources, such as solar, hydro and wind.

Last month, Armstrong hired Yasushi Ujioka as an investment director to bolster its operational capabilities in the clean energy sector, PEI reported earlier. The firm’s team now has eight professionals.