Renewable energy investment firm Armstrong Asset Management has signed its first solar deal from its $150m South East Asia Clean Energy Fund, agreeing to a strategic cooperation with Thai energy developer Symbior Solar Siam, a subsidiary of Hong-Kong based energy company Symbior Energy.
The agreement will see Armstrong acquire a 60 per cent interest in a portfolio of six small-scale solar power plants, delivering a combined capacity of 30MW to the Thai national grid.
Armstrong will invest capital into Symbior Solar Siam’s wholly-owned subsidiary Symbior Elements, which holds development and operating rights for the solar projects.
The portfolio is comprised of an operational 1MW solar PV plant in North East Thailand along with five solar PV plants in late-stage development in the central provinces of Chachaengsao, Prachin Buri, and Nakan Sawan.
Andrew Affleck, managing partner of Singapore-based Armstrong Asset Management, said, “We are very pleased to announce this partnership with Symbior Solar Siam. We look forward to building on our excellent working relationship with the Symbior team whose established local operations and international experience in project development, engineering, and clean energy financing provides a strong platform for growth.”
The fund is scheduled for final close in August of this year. To date it has received committed capital of $65m at its first close in August of 2012 from European development institutions GEEREF and DEG, and an Asia-based corporation.
The ten-year Armstrong fund will invest in small-scale renewable energy projects in Thailand, the Philippines, Vietnam, Indonesia and other South East Asian emerging markets.
Copyright © 2013 AltAssets