Renewable Energy Asia Fund

Equity : December 2009

The Renewable Energy Asia Fund (REAF) invests into small hydro, wind, geothermal, solar, landfill gas and biomass projects in Asian developing markets.

Amount

€ 6,000,000.00

Type of investment

Equity

Development impacts

  • Local economic growth
  • Access to basic services & goods
  • Fight against climate change and preservation of natural resources

Beneficiary locations

Asia: India, Philippines

Investment field

Investment Companies & Funds

Activity

Infrastructure Fund

Organisation

Renewable Energy Asia Fund

Domicile

UK

The target countries are India (remote areas) (40 to 50%) and Philippines (20 to 30%). Other Asian countries of interest include Sri Lanka, Thailand, Vietnam. Common characteristics of these countries are local energy supply-demand gap, important un-tapped natural resources available for renewable energy, governments incentives, regulations and program related to renewable energy.

The fund aims at investing equity to construct a series of relatively small renewable energy power generating assets, aggregate these assets into larger operationally de-risked generating portfolios, and subsequently sell them to infrastructure funds seeking a yield or utilities.

The fund held its first close in December 2009 and its final close in April 2011. It is now fully invested.

Development impacts

  • Local economic growth

    Mobilization of long-term capital for private equity in renewable energy.

  • Access to basic services & goods

    Contribution to the reduction of the energy shortage. As primary access to energy is the base of future development, the Fund’s investments in energy capacity (300 to 600 MW new development foreseen) will have a direct impact on economic and social development.

  • Fight against climate change and preservation of natural resources

    The fund will invest an average amount of € 5 to 10 million in 10 to 15 renewable energy power projects. The Fund will only invest in proven technologies such as small hydro, wind, biomass wastes and methane recoveries.

Made possible through this investment

Thanks to the direct funding from BIO, the following second-line investments have been made possible.

PHESI

Philippines

Philippines Hybrid Energy Systems Inc (PHESI) is a wind power project located in the Philippines, Mindoro Island. PHESI will construct and operate 8 units of Gamesa G90 wind turbines, consisting of a three-bladed structure and wind-facing rotor type with a nominal power of 2.0MW per unit of wind turbine. The project includes an access road, a substation and a 69kV transmission line of approximately 7.5km

MMPC

Philippines

Montalban Methane Power Corporation (MMPC) is an 8MW landfill gas generation project situated on the outskirts of Manila, Philippines. The project extracts landfill gas from the Montalban landfill site to generate electricity supplied to the local grid. The project was the first of its kind in the Philippines and supplies clean and green energy to approximately 20,000 homes.

PWEPL

India

Panama Wind Energy Private Limited (PWEPL) is located in India, Maharashtra within the Satara district. The wind project has 72MW operational as of 31 December 2014 using General Electric turbines. It has a further 24MW (15WTG) fully developed and permitted but still to be constructed.

Lake Mainit

Philippines

Lake Mainit is a 25MW hydroelectric project located in the Philippines, Mindanao Island. Berkeley Energy, through its portfolio company Agusan Power Corporation developed the project since 2011 and it is in the final stages of construction.

PWEGPL

India

Panama Wind Energy Godawari Private Limited (PWEGPL) is an 80MW wind farm in operation phase since 2014, located in India, in the state of Maharashtra. The project comprises of 40 WTG of Gamesa G-97: 2MW each with hub height of 90m and rotor diameter of 97m. The project is constructed on 161 hectares of land and majority of ground cover comprises of open agriculture over 12 villages in Georai Taluka. The project consists of a substation, internal access road and 12km transmission interconnection line.

View more of our investments in this region

ASA Holding

Financial Institutions

ASA Holding

  8,733,600.00

  Cambodia, India, Myanmar, Pakistan, Philippines, Sri Lanka, Ghana, Kenya, Nigeria, Tanzania, Uganda

  02/12/2019

  Debt

Renewable Energy Asia Fund II

Investment Companies & Funds

Renewable Energy Asia Fund II

  8,900,000.00

  India, Indonesia, Philippines

  03/10/2016

  Equity

South Asia Clean Energy Fund

Investment Companies & Funds

South Asia Clean Energy Fund

  3,744,000.00

  Bangladesh, India, Nepal, Sri Lanka

  11/11/2010

  Equity

Ventureast Proactive Fund

Investment Companies & Funds

Ventureast Proactive Fund

  3,632,000.00

  India

  07/02/2008

  Equity

Triple P SEA Financial Inclusion Fund

Investment Companies & Funds

Triple P SEA Financial Inclusion Fund

  6,640,739.00

  Cambodia, Indonesia, Philippines, Vietnam

  14/11/2017

  Equity

South Asia Growth Fund II

Investment Companies & Funds

South Asia Growth Fund II

  8,700,000.00

  Bangladesh, India

  10/05/2019

  Equity

Kaizen Private Equity II

Investment Companies & Funds

Kaizen Private Equity II

  8,338,200.00

  India

  12/11/2018

  Equity

Omnivore Partners India Fund 2

Investment Companies & Funds

Omnivore Partners India Fund 2

  4,367,820.00

  India

  15/04/2019

  Equity

Srei Equipment Finance Private Limited

Financial Institutions

Srei Equipment Finance Private Limited

  5,000,000.00

  India

  21/08/2002

  Debt