Catalytic Capital | January 24, 2024

Clime Capital blends finance to raise $127 million for Asia-focused green fund

Lucy Ngige
Guest Author

Lucy Ngige

ImpactAlpha, Jan. 24 – Clime Capital launched in 2020 to de-risk early stage clean energy ventures in southeast Asia. The Singapore-based firm has secured $127 million for its Southeast Asia Clean Energy Fund II, a blended fund that will invest in renewable energy, grid solutions, energy efficiency and e-mobility solutions in Vietnam, India, Indonesia, the Philippines and Singapore.

Catalytic investors, including Allied Climate Partners, Australian Development Investments, the Global Energy Alliance for People and Planet and Impact Assets, put up first-loss equity. Other investors include Dutch Entrepreneurial Development Bank (FMO), British International Investment, the International Finance Corporation, and REI Co-op, which manufactures in the region. 

Low carbon transition

SEACEF II continues Clime’s ambition of catalyzing $2.5 billion in private investment to further the energy transition in South-East Asia.

SEACEF I, incubated by the European Climate Foundation and capitalized by a handful of global foundations, has supported a dozen low carbon transition companies, including commercial solar developer Skye Renewables, wind and solar provider Levanta Renewables and EV charging solutions provider Oyika.

Clime says investments from the debut fund have attracted 27 times as much follow-on capital. “We have demonstrated that small amounts can be leveraged to produce significant impacts,” said Clime’s Joshua Kramer. “Now is the time to double down on this approach.”