Pentagreen Capital and British International Investment (BII) have announced a joint financing of US$80 million to accelerate utility-scale solar and battery storage projects across Southeast Asia, in collaboration with renewable energy developer ib vogt Singapore.
This US$80 million Development and Construction Facility will support solar and battery storage projects in the Philippines, Indonesia, and other Southeast Asian regions. The financing aims to unlock approximately US$300 million in projects, including 260 MWp of power generation capacity and 175 MWh of battery storage. The first project is a 100 MWp solar facility in the Philippines, which will receive mezzanine financing to bridge funding gaps and accelerate construction.
With electricity demand in Southeast Asia projected to grow by 4% annually through 2035, clean energy solutions like hybrid solar and battery storage are crucial. These projects will add 400 GWh of clean electricity annually and avoid 257,000 tonnes of CO2 emissions.
Pentagreen Capital’s CEO, Marat Zapparov, emphasized the importance of innovative financing in driving the energy transition in Southeast Asia, focusing on markets like Indonesia and the Philippines. Rohit Anand from BII highlighted the collaboration’s role in accelerating clean energy access and mobilizing more capital for sustainable development in high-need markets.
David Ludwig of ib vogt expressed excitement for this partnership, which supports the next phase of growth for renewable energy projects in Southeast Asia. The partnership also demonstrates a commitment to gender balance, as ib vogt Singapore has been recognized as a 2X Investment under the 2X Challenge.
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