Southeast Asia Clean Energy Facility (SEACEF), a Singapore-based fund managed by Clime Capital, has committed to invest in Skye Renewables Holdings Pte Ltd (Skye), a commercial and industrial solar developer headquartered in the city-state.
The announcement did not specify the amount SEACEF has invested but said it will support Skye’s further deployment of rooftop solar installations and other clean energy solutions in Southeast Asia.
According to the announcement, Skye has a goal to reach at least 300 MW of rooftop solar installation in the region by 2028. The investment will enable it to scale its regional platform.
In Southeast Asia, rooftop installations are estimated to have reached just less than 1% of their estimated potential in most markets, according to the announcement.
“Throughout Southeast Asia, commercial and industrial rooftops remain a largely untapped opportunity to install significant solar energy that will help to advance the low carbon transition now and in the years to come,” said Mason Wallick, Chief Executive Officer at Clime Capital.
SEACEF focuses on companies in the solar, wind, energy storage, energy efficiency, and electric vehicle sectors with proven technologies and business models leading the clean energy transition in Southeast Asia.
In July 2021, SEACEF raised $15 million for its clean energy fund backed by Microsoft and several international foundations. The Southeast Asia-focused fund has two anchor limited partners (LPs) — Sea Change Foundation, and Children’s Investment Fund Foundation.
It targets firms in Vietnam, Indonesia, and the Philippines. The three countries account for 75% of the Southeast Asian population and contribute 80% of the region’s greenhouse gases and 90% of the coal project pipeline.
In addition to the Skye investment, SEACEF has completed six investments in Indonesia, Vietnam, and the Philippines since the fund’s launch in June 2020. SEACEF is backed by leading international climate foundations and investors.
Its portfolio firms include Indonesian solar leasing project firm Xurya Daya Indonesia; Vietnamese wind power project firm Levanta Renewables; Philippine wind power project firm Real Wind Energy Inc; and Vietnamese solar and energy storage firm Blueleaf Energy.