Singapore-based Armstrong Asset Management, the private equity firm specialising in cleantech investments in Southeast Asia, has committed to invest up to $30 million out of its maiden fund into a portfolio of solar and biogas power projects across Thailand, the Philippines and Indonesia, according to a firm statement.
The projects are being developed by Annex Power, a renewable energy group focused on Southeast Asia.
“[Armstrong’s] experience in the renewables sector and in Southeast Asia creates many synergies we plan to build on,” said Daniel Gaefke, managing director of Annex, in the statement.
This is the second investment out of Armstrong’s maiden fund, which held a first close on $66 million in May of last year and is targeting $150 million.
In May, Armstrong invested together with Hong Kong-based Symbior Energy to develop and operate six small-scale solar power generation projects in Central and Northeast Thailand, Private Equity International reported earlier.
Thailand’s renewable energy market is the most developed in Southeast Asia and the government has set a target for renewable energy to represent 25 percent of the country’s total energy by 2021.
Based in Singapore, Armstrong focuses on the clean energy sector in Southeast Asia’s emerging markets through small-scale infrastructure projects.
The firm expects to hold a final close on its $150 million maiden fund in September, according to Andrew Affleck, Armstrong managing partner. Its investors so far include European development institutions GEEREF, DEG and the International Finance Corporation.