Armstrong Asset Management, a private-equity company based in Singapore, expects to invest in two to three clean-energy developers by the end of the month in transactions that may be worth as much as $600 million.
The deals, each with a separate developer, offer a pipeline of about 15 separate wind, solar and small-hydropower projects with total investment of $150 million in equity and $450 million in debt, Managing Partner Andrew Affleck said by e-mail.
The projects, mostly still being developed, will have total capacity of more than 300 megawatts and span Vietnam, Thailand, Indonesia and the Philippines, according to Affleck.
The investor is seeking to exploit the thirst for renewable energy in Southeast Asia as governments put in place incentives for power from cleaner sources. Thailand in July started premium payments, or feed-in tariffs, for solar energy, a system already in place in Malaysia and the Philippines. Indonesia began a solar auction program in June.
“We expect to see the Philippine solar sector get tangible traction with regards to projects under construction and possible quota increases,” Affleck said. “We also expect the rooftop solar space to become more featured in investors’ and developers’ plans, particularly in Thailand and the Philippines.”