Catalytic investment will enable Southeast Asian-focused commercial and industrial solar developer to scale its regional platform
Singapore – 6 February 2023: Clime Capital, the Singapore-based fund manager focusing on accelerating the low carbon transition, today announced that the Southeast Asia Clean Energy Facility (SEACEF) has committed development funding to Skye Renewables Holdings Pte Ltd (Skye), an emerging Singapore-based Southeast Asian-focused commercial and industrial solar developer.
SEACEF’s investment will support Skye in accelerating its deployment of rooftop solar installations and other clean energy solutions in Southeast Asia where it is addressing the growing demand from commercial and industrial consumers for low-cost clean energy.
Skye has a goal to reach at least 300 MWp of rooftop solar installation by 2028 in Southeast Asia: a region where rooftop installations are estimated have reached less than 1% of their estimated potential in most markets.[1]Skye’s growth targets are further supported by a strategic partnership with leading Japanese energy company, Idemitsu Kosan (Idemitsu) to develop clean energy projects.
Expanded investment into the commercial and industrial rooftop solar market that Skye champions is a critical element of the low carbon transition. Commercial and industrial businesses are large consumers of energy and leading proponents of clean energy adoption based on their recognition of its cost advantages and potential to realise carbon reduction targets.
Mason Wallick, Chief Executive Officer at Clime Capital, said: “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. We are excited to support Skye in fulfilling this potential.”
Ross Coull, Chief Executive Officer, and founder at Skye Renewables, said, “We are delighted to welcome the team at Clime Capital as our partner in Skye. Their extensive experience in renewable energy in Southeast Asia means that they will bring a lot to our organisation and help us achieve our ambitious goal of decarbonising our clients’ supply chains.”
Joshua Kramer, Chief Investment Officer at Clime Capital, said: “We’re thrilled to be able to make an investment commitment to Skye which we believe has great potential to achieve its growth targets and in doing so become a regional champion for distributed clean energy solutions for a diverse commercial and industrial customer base.”
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.
For more information, please contact:
Jeremy Hughes
Smart Word Pte. Ltd.
T +61 (0) 468 992 481
E jeremy@smartwordgroup.com
Mason Wallick
Clime Capital Pte. Ltd.
T +65 9457 5310
E mason.wallick@climecap.com
About Clime Capital
Clime Capital Management Pte. Ltd. (Clime Capital) is a Singapore-headquartered fund management company registered with the Monetary Authority of Singapore. Clime Capital is the manager of SEACEF. The Clime Capital team consists of senior professionals with deep Southeast Asian market experience in clean energy investments and developments. The team brings a diversified skill set in early-stage project funding and development, investment and portfolio management, project finance, design and engineering, operations, and environmental safeguards. Clime Capital has an on-the-ground presence in Vietnam, Indonesia, the Philippines, and Singapore.
About SEACEF
Southeast Asia Clean Energy Facility (SEACEF) provides catalytic early-stage investment funding to address climate change by reducing and removing many of the key early-stage barriers that stall or prevent successful clean energy projects and businesses. By placing development risk capital into innovative, high-impact clean energy opportunities, SEACEF is focused on the funding and scaling of globally proven technologies and business models such as solar, wind, and energy storage (on-grid and behind the meter), plus other business models that accelerate the low carbon transition – such as electric mobility, demand side management technology, energy efficiency and clean energy transmission infrastructure.
[1] Clime Capital estimation.
Comments