Dutch bank to pump $30 million in renewables in Southeast Asia

June 28, 2024 | 20:03

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Dutch Entrepreneurial Development Bank (FMO) has proposed to place $30 million into greenfield renewable energy platform Sustainable Asia Renewable Assets (SARA).

Dutch bank to pump $30 million in renewables in Southeast Asia

According to a disclosure on June 27, FMO will co-invest alongside SUSI Asia Energy Transition Fund in order to build a renewable energy company, active mainly in Vietnam and the Philippines.

SARA is a greenfield renewable energy platform under SUSI, a fund that invests in renewable energy and energy efficiency solutions in Southeast Asia and managed by SUSI Partners.

Accordingly, SARA will focus on ready-to-build utility-scale wind and solar assets in Vietnam and the Philippines. The aim is to create an operational portfolio of 200-300MW in the coming years, and FMO’s capital will mainly be used to fund the equity needed to construct these projects.

SARA will provide clean energy to the grid in countries with a need for additional power and a diversification of their energy matrix. Investments will support the reduction of carbon emissions in Southeast Asia by reducing the reliance on fossil fuel-based sources of power. The investment will be fully green as it involves the financing of wind and solar energy generation.

SARA is committed to sustainable development and to ensure that the environment and society at large benefit from their projects, and to assure that potential biodiversity impacts are systematically assessed and mitigated.

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