4. Yasushi AAM EBTKE Jun14 Final2
Armstrong South East Asia Clean Energy Fund LP
Meeting a growing need for clean and renewable energy in the region
June 2014
Fund Summary
Meeting a growing need for clean and renewable energy in the region
Armstrong South East Asia Clean Energy
Fund Size:
US$ 164 million
Term:
2012-2022 (Investment Period till 2017)
LPs:
IFC, FMO, DEG, Proparco, GEEREF, Obviam, Unigestion, Asian Corporate
Manager:
Armstrong Asset Management Pte Ltd (Singapore)
Investment Size: US$ 5 million – 24 million
Holding Period:
3 – 8 years
Mandate
Sector Focus:
Renewable Energy (+ Resource Efficiency)
Regional Focus: ASEAN (- Singapore)
Investment Strategy
Small scale clean energy assets aggregation to 50MW scale
Focus on post-permitting greenfield investment, with some exposure to development risks
Majority control with/without co-investor – Minority only if influential and controlled exit
2
Portfolio Companies
SE Asia Fund completed 3 investments
Symbior Elements
Annex Power
Developer:
Sector:
Symbior Solar Siam
Solar PV
Developer:
Sector:
Annex Power
Solar PV / Biogas
Country:
Thailand
Country:
Thailand, Philippines & Indonesia
Commitment: US$ 16 million
Invested:
September 2013
Commitment: US$ 30 million
Invested:
September 2013
Partnership with HK based Symbior Energy to
develop a 30MW portfolio of solar PV assets in
Thailand.
Highly experienced renewable energy group
focused on Southeast Asia with over 80
professionals experienced in the EPC of solar, and
biogas power plants.
Blue Circle
Developer:
Sector:
Blue Circle
Wind
Country:
Thailand, Vietnam & Cambodia
Commitment: US$ 40 million
Invested:
May 2014
Partnership with wind developer with substantial
track record in Europe to develop wind projects in
the Mekong region.
3
Investing in Renewable Energy Projects
Issues
Regulatory Environment
In Constant Evolution
Implementation not always clear cut
Decentralized permitting process
Incentives / Disincentives
Feed In Tariffs
Tax Incentives
Foreign Investment Restriction
Development Risks
Land Acquisition
Limited Availability of Data
Limited Choice of Good Consultant / EPC Contractor
Financing
Access to Non-Recourse Debt Financing
Forex Risks
4
Upcoming Investments
US$60 million Additional Commitments to be Made by End 2014
Indonesian Hydro
Philippines Solar
Developer:
Sector:
[…]
Mini Hydro
Developer:
Sector:
[…]
Solar PV
Country:
Indonesia
Country:
Philippines
Commitment: […]
Targeted Closing: Q3 2014
Commitment: […]
Targeted Closing: Q3 2014
Partnership with a local developer with 55 MW
project pipeline.
Experienced EPC and Developer.
Philippines Hydro
Developer:
Sector:
[…]
Hydro / Mini Hydro
Country:
Philippines
Commitment: […]
Invested:
Q4 2014
Partnership with highly experienced renewable
energy developer.
5
Meeting a growing need for clean and renewable energy in the region
June 2014
Fund Summary
Meeting a growing need for clean and renewable energy in the region
Armstrong South East Asia Clean Energy
Fund Size:
US$ 164 million
Term:
2012-2022 (Investment Period till 2017)
LPs:
IFC, FMO, DEG, Proparco, GEEREF, Obviam, Unigestion, Asian Corporate
Manager:
Armstrong Asset Management Pte Ltd (Singapore)
Investment Size: US$ 5 million – 24 million
Holding Period:
3 – 8 years
Mandate
Sector Focus:
Renewable Energy (+ Resource Efficiency)
Regional Focus: ASEAN (- Singapore)
Investment Strategy
Small scale clean energy assets aggregation to 50MW scale
Focus on post-permitting greenfield investment, with some exposure to development risks
Majority control with/without co-investor – Minority only if influential and controlled exit
2
Portfolio Companies
SE Asia Fund completed 3 investments
Symbior Elements
Annex Power
Developer:
Sector:
Symbior Solar Siam
Solar PV
Developer:
Sector:
Annex Power
Solar PV / Biogas
Country:
Thailand
Country:
Thailand, Philippines & Indonesia
Commitment: US$ 16 million
Invested:
September 2013
Commitment: US$ 30 million
Invested:
September 2013
Partnership with HK based Symbior Energy to
develop a 30MW portfolio of solar PV assets in
Thailand.
Highly experienced renewable energy group
focused on Southeast Asia with over 80
professionals experienced in the EPC of solar, and
biogas power plants.
Blue Circle
Developer:
Sector:
Blue Circle
Wind
Country:
Thailand, Vietnam & Cambodia
Commitment: US$ 40 million
Invested:
May 2014
Partnership with wind developer with substantial
track record in Europe to develop wind projects in
the Mekong region.
3
Investing in Renewable Energy Projects
Issues
Regulatory Environment
In Constant Evolution
Implementation not always clear cut
Decentralized permitting process
Incentives / Disincentives
Feed In Tariffs
Tax Incentives
Foreign Investment Restriction
Development Risks
Land Acquisition
Limited Availability of Data
Limited Choice of Good Consultant / EPC Contractor
Financing
Access to Non-Recourse Debt Financing
Forex Risks
4
Upcoming Investments
US$60 million Additional Commitments to be Made by End 2014
Indonesian Hydro
Philippines Solar
Developer:
Sector:
[…]
Mini Hydro
Developer:
Sector:
[…]
Solar PV
Country:
Indonesia
Country:
Philippines
Commitment: […]
Targeted Closing: Q3 2014
Commitment: […]
Targeted Closing: Q3 2014
Partnership with a local developer with 55 MW
project pipeline.
Experienced EPC and Developer.
Philippines Hydro
Developer:
Sector:
[…]
Hydro / Mini Hydro
Country:
Philippines
Commitment: […]
Invested:
Q4 2014
Partnership with highly experienced renewable
energy developer.
5