A €250 million (£222.3m) fund has been launched to accelerate the transition to a low carbon energy system in Southeast Asia.
Sustainable investors SUSI Partners and low carbon project developer South Pole Group have created the Asian Energy Transition Fund (AETF), which aims to combine their expertise in financing, planning and building green energy projects.
The fund, which is set to run for 10 years, will respond to the region’s massive deployment of renewable energy infrastructure and its fast growing demand for energy efficiency measures.
The targeted project portfolio will be diversified across 10-15 renewable energy and 10-15 energy efficiency projects, concentrated mainly in Indonesia, Thailand, the Philippines and Vietnam.
The facilities will include solar installations, wind farms, hydropower plants and energy efficiency retrofits on public and private infrastructure.
Edgare Kerkwijk, Managing Director of the AETF, said: “The region will need significant investments in renewable energy and energy efficiency to meet the demands of the various countries in Southeast Asia – both to make their economies more sustainable and to align them with global sustainability targets.
Earlier this year environmental protesters stopped construction for 13 hours at Southeast Asia’s biggest planned coal plant.