RETAIL FUNDS | Cesar Tordesillas, Malaysia

Armstrong fund to invest US$150M in SEA clean energy

Armstrong Asset Management is set to launch its first fund, the Armstrong South East Asia Clean Energy Fund.


With a target size of up to US$150 million, the 10-year fund will invest in small-scale infrastructure projects in Malaysia, Thailand and Indonesia and other SEA emerging markets.

Typical projects sizes will generate power of up to 10 megawatt from renewable energy resources, such as solar, hydro and wind.

"ASEACE is on track to be the only operational clean energy fund dedicated to SEA," said AAM Managing Partner Andrew Affleck said.

"While both China and India tend to get more attention, for Armstrong, we've found that focusing on SEA has been a strong draw for our investors. It helps that new regulatory policies are being enacted by governments in the region which encourage the development of the renewable energy sector," he added.

The new private-equity vehicle aims to provide development capital to small-scale renewable energy and resource efficiency projects in Southeast Asia.

With an expected first closing on US$66 million this month, the fund will include commitments from two leading European development finance institutions, namely, GEEREF and DEG.

GEEREF is advised by European Investment Bank and European Investment Fund, while DEG is a member of KfW Bankengruppe.

In addition, the third and largest limited partner in the initial close will be a SEA-based corporate with significant interests in multiple industry sectors.

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