Exclusive: Asia Green Capital in $150m fundraise

The Singapore-based company has launched a renewables vehicle with a view to bolstering its portfolio in Southeast Asia.

Asia Green Capital (AGC) has initiated a fundraising effort as it seeks to develop further utility-scale renewables projects in its region of operation, according to a top executive at the Singapore-based firm.

“The capital raised from this exercise will be used to cover solely the development and construction for our existing renewable energy portfolio in Southeast Asia,” Edgare Kerkwijk, AGC's managing director, told Infrastructure Investor today.

The company is seeking to raise between $125 million and $150 million, with a final close expected in early 2016.

“A number of investors have expressed their interest in funding our company,” said Kerkwijk, without elaborating further other than to say that he was witnessing considerable interest from global investors in the Southeast Asian renewable energy space.

AGC expects to complete the development and start construction of three of its wind farms in Indonesia and one of its solar power projects in the Philippines by the end of 2016.

The projects under development in Indonesia are the 62.5-megawatt (MW) Jeneponto 1 wind farm, the 100MW Jeneponto 2 wind farm and the 20MW West Timor wind farm. In the Philippines, the company will develop a 20MW solar power project in Dagupan.

AGC's current portfolio includes more than 400MW of projects located in Indonesia, Thailand, Vietnam and the Philippines, exceeding its original target of setting up a 300MW portfolio by the end of 2018. It is also exploring projects in Myanmar, Pakistan, Bangladesh and Kazakhstan.

All projects are managed under four subsidiary companies including Indo Wind Power Holdings, Thai Wind Power Holdings, Vietnam Wind Power Holdings, and Aurora Partners, which is a joint venture in collaboration with German renewable energy developer, Juwi Renewables.

AGC is working together with the International Finance Corporation (IFC) and the Asian Development Bank (ADB) as both institutions strive to boost  renewable energy generation capacity in emerging economies. 

Standard Chartered is serving as the company's financial advisor for its fundraising exercise.