Symbior Secures First Solar Deal from Armstrong’s Clean Energy Fund
Armstrong Asset Management’s $150m South East Asia Clean Energy Fund has signed its first solar deal, agreeing to a strategic cooperation with Thai energy developer Symbior Solar Siam, a subsidiary of Hong-Kong based energy company Symbior Energy.
The agreement sees Armstrong acquire a 60% interest in a portfolio of six small-scale solar power plants, delivering a combined capacity of 30MW to the Thai national grid. Armstrong’s fund will invest capital into Symbior Solar Siam’s wholly-owned subsidiary Symbior Elements, which holds development and operating rights for the solar projects.
The portfolio is comprised of an operational 1MW solar PV plant in North East Thailand along with five solar PV plants in late-stage development in the central provinces of Chachaengsao, Prachin Buri, and Nakan Sawan. Andrew Affleck, managing partner of Singapore-based Armstrong Asset Management, said:
“We are very pleased to announce this partnership with Symbior Solar Siam. We look forward to building on our excellent working relationship with the Symbior team whose established local operations and international experience in project development, engineering, and clean energy financing provides a strong platform for growth.” Florian Bennhold, CEO of Symbior Solar Siam, added:
‘It is great to establish this synergy with Armstrong Asset Management. Symbior and Armstrong share a commitment to the potential and need for rapid growth in the development of clean, efficient and low risk energy solutions and the experience of the Armstrong team in small-scale infrastructure investment in South East Asia is a powerful complement to our activities in Thailand.’
The fund is scheduled for final close in August of this year. It received committed capital of $65m at its first close in August of 2012 from European development institutions GEEREF and DEG, and an Asia-based corporation. The ten-year Armstrong fund is investing in small-scale renewable energy projects in Thailand, the Philippines, Vietnam, Indonesia and other South East Asian emerging markets.