Singapore firms team up on Southeast Asia rooftop solar

Two Singapore-based firms have reached an agreement aimed at supporting rooftop solar development in South-East Asia.

Armstrong Asset Management, a private equity fund manager focused on clean energy in the region, will team up with renewables-focused developer Entoria Energy. The latter is targeting developing countries with high solar resources for its solar distributed generation platform, focusing on commercial and industrial customers for “behind-the-meter” installations.

As of press time, Armstrong had not responded to requests for comment regarding the size of the deal pipeline targeted by the partnership and its return expectations.

“With the continued cost reduction for solar solutions, businesses across South-East Asia are seizing the opportunity to make rooftop solar their primary energy supply choice,” said Armstrong managing partner Andrew Affleck. “Armstrong’s new partnership with Entoria is well positioned to leverage the experience we both have to support the growth of industrial rooftop and captive solar solutions in the region.”

Vincenzo Fagiuoli, Entoria’s chief executive, added that the partnership will allow his firm “to further expand our platform offering cost-competitive solar power for businesses across South-East Asia”. The firms pointed to strong growth in rooftop solar capacity this decade and said the technology will play an important role in Asia’s developing markets.

Armstrong’s portfolio includes approximately 175MW of projects in operation across Vietnam, Thailand and the Philippines, with more under development.