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Pentagreen Capital (Pentagreen) and British International Investment (BII) have announced joint financing of US$80 million to accelerate the rollout of utility-scale solar and battery storage projects across Southeast Asia. These companies are developing their latest project in collaboration with ib vogt Singapore Pte. Ltd. (ib vogt), an international renewable energy development platform.
Pentagreen is the sustainable infrastructure debt financing platform established by HSBC and Temasek in 2021. BII is the UK’s development finance institution and impact investor. The joint US$80 million Development and Construction Facility (the Facility) will finance the development and construction of solar, hybrid solar, and battery storage projects in the Philippines, Indonesia, and other eligible geographies in Southeast Asia. The Facility seeks to initially unlock the implementation of approximately US$300 million of projects with a total capacity of circa 260-megawatt peak (MWp) of power generation capacity and circa 175-megawatt hours (MWh) of battery storage.
Financing For Energy Projects
The first project to be supported by the Facility is a circa 100 MWp solar power project in the Philippines. The Facility will provide mezzanine financing enabling the project to progress into construction, bridging a key funding gap in the project’s capital stack, and supporting the parallel deployment of senior debt from HSBC to the project.
According to the International Energy Agency (IEA), electricity demand in Southeast Asia is set to grow at an annual rate of 4% by 2035. Clean energy sources such as wind and solar, alongside modern bioenergy and geothermal power, are projected to meet more than a third of this growth in energy demand in the region by 2035. Southeast Asia needs to boost clean energy investments to US$190 billion by 2035 to achieve its climate goal, a fivefold increase from its current levels.1
Enhance Utility-Scale Hybrid Solar Project
The initial projects will add a combined 400 gigawatt hours (GWh) of clean electricity supply annually, resulting in an estimated 257,000 tonnes of carbon dioxide (CO2) emissions avoided.
