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.