News / IFC commits US$20 million to Armstrong South East Asia Clean Energy Fund

IFC commits US$20 million to Armstrong South East Asia Clean Energy Fund

🕔 May 22, 2013
Starwood Energy raises US$854 million for new infrastructure fund

Armstrong Asset Management has received the fourth commitment of a US$20 million investment for its Armstrong South East Asia Clean Energy Fund from the International Finance Corporation, the private sector investment arm of the World Bank, to add to its first close of US$65 million.

The Armstrong South East Asia Clean Energy Fund, a newly established, independent private-equity vehicle providing development capital to small-scale renewable energy and resource efficiency projects in Southeast Asia, is targeting a final close of US$150 million by August 2013.

The earlier commitments totalling US$65 million had come from two European development finance institutions GEEREF and DEG, and an Asian-based corporation.

In a recent separate news release on 13 May 2013, Armstrong announced the fund's first investment in the development and construction of a 30 MW portfolio of solar projects in Thailand with Hong Kong-based energy company Symbior Energy.

The 10-year Armstrong fund is investing in small-scale infrastructure projects in Thailand, Philippines, Vietnam, Indonesia and other Southeast Asian emerging markets. Typical projects sizes will generate power of up to 10 MW from renewable energy resources, such as solar, hydro and wind. The fund aims to make a total of between 10 to 15 investment deals, each ranging from US$5 million to US$12 million.

Source:  Armstrong Asset Management 

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