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Demand for power is growing in many countries in Southeast Asia that are heavily dependent on coal for electricity. Southeast Asia is set to account for 25% of the growth in global energy demand between now and 2035. Switzerland’s SUSI Partners secured a fresh $139 million to build clean energy in the region.
British International Development and FMO, the UK and Dutch development financial institutions, topped up their investments in SUSI’s Southeast Asia-focused renewable energy funds. They also committed a combined $120 million for co-investment in a subset of the fund’s utility-scale renewable assets.
Greenfield funding
The fresh capital brings SUSI’s total funding for its Southeast Asia strategy to $259 million. SUSI initially closed the fund in 2023 at $120 million, but reopened it due to investor demand. SUSI’s Asia fund has backed commercial and industrial solar projects in Vietnam, waste-heat recovery and cogeneration plants in Malaysia, and utility-scale solar in Singapore.
The co-investment vehicle with BII and FMO will support the construction and early operation of new renewable assets “to provide clean energy to countries in Southeast Asia that have a clear need for additional power while diversifying their energy matrix,” said FMO’s Peter Byrde.
