Armstrong Asset Management Commits US$30 Million for SE Asia Solar and Biogas
Armstrong Asset Management has announced that it will commit US$30 million for solar PV and biogas projects in Southeast Asia.
The company is pairing up with developer Annex Power on the projects in Thailand, Indonesia and Singapore.
“We are delighted to be expanding on our strong relationship with the Armstrong Fund whose investment objectives align very well with our own and whose experience in the renewables sector and in Southeast Asia creates many synergies we plan to build on,” said Daniel Gaefke, managing director, Annex Power.
Annex has 58MW of installed PV in Thailand already with a further 30MW contracted.
Singapore-based Armstrong announced the first investment from its Southeast Asia Clean Energy Fund in May this year taking a 60% stake in six solar PV projects in Thailand with a total capacity of 30MW. The fund is backed by the World Bank’s private sector investment arm, the International Finance Corporation (IFC).
The country recently increased its solar energy target for 2021 from 9.2GW to 13.92GW with 3GW of this to be sourced from PV installations.
National Energy Policy Commission (NEPC) has established a feed in tariff and other incentives with the goal of getting 1GW of ground-mounted and rooftop solar installed by December 2014.
Schneider, ReneSola, Canadian Solar, Sharp and Conergy have all secured major orders from Thailand this year.