Singaporean, Thai firm investing in RE throughout Asia

Initial investments in solar photovoltaic and biogas power.

Singapore asset management firm Armstrong Asset Management is partnering with Thai developer Annex Power on solar and other renewable energy projects. Armstrong said it was investing some US$30 million from its Southeast Asia Clean Energy Fund to finance an initial pipeline of solar photovoltaic and biogas power projects developed by Annex Power in Thailand, the Philippines and Indonesia.

Focused on the clean energy sector in Southeast Asia’s emerging markets, Armstrong invests in small-scale infrastructure projects. It said it is on track to achieve a target final closing of US$150 million by next month.

Armstrong said Annex offers an internationally proven engineering and construction capability that has been field-tested with matched components and robust, reliable operations.

Annex has completed the engineering and construction of 58 MW of solar PV projects in Thailand and has secured contracts to construct a further 30 MW.

The Armstrong investment will allow Annex to further grow its development and asset management operations from its core EPC and consulting businesses in Thailand and the expanding project opportunities in Indonesia and the Philippines.