Swiss infrastructure fund manager SUSI Partners has reached a final close at $120 million for its energy transition fund that will invest in Southeast Asia.
The fund, SUSI Asia Energy Transition Fund (SAETF), received capital commitments from seven development finance institutions as well as private investors.
These investors include the Asian Infrastructure Investment Bank (AIIB), Dutch development bank FMO, Nordic DFIs Norfund and Swedfund, Austrian OeEB, British International Investment (BII), and the Belgian Investment Company for Developing Countries.
In May, BII entered the Philippine market through a $15-million commitment in SAETF, marking its first commitment in Southeast Asia under its current 2022-2026 investment strategy.
SAETF has invested in the development of a ground-mounted solar PV plant in the Philippines via a joint venture with regional developer Pacific Impact.
“The prominence of development finance institutions in SAETF points to the pioneering role the fund assumes in directing international capital towards urgently needed clean energy transitions in Southeast Asia,” SUSI said.
SAETF targets infrastructure investments across the energy transition spectrum, including renewable energy, energy efficiency, and energy storage projects, and focuses on emerging economies in Southeast Asia.
The fund prioritises Indonesia, Thailand, Vietnam and the Philippines as its focus markets, followed by Malaysia, Cambodia, and Laos. Its activities are led by SUSI Partners’ local team in Singapore. It reached a first close at $81 million in 2021.
SAETF’s portfolio currently comprises four investments, including an energy efficiency-focused joint venture with Malaysian company InvestEnergy; a development platform for utility-scale renewable energy assets with Singapore-based Pacific Impact Development; and two investments focusing on distributed solar PV solutions for commercial and industrial end clients with Singapore-based Entoria Energy and Asia Clean Capital Vietnam, respectively.
Founded in 2009, SUSI Partners is a Swiss fund manager specialised in sustainable energy infrastructure investments with 1.9 billion euros in capital commitments from institutional investors.
The firm’s investment strategy focuses on private equity and credit opportunities across the energy transition spectrum, including clean energy generation, energy efficiency measures, and solutions enabling clean energy use.