THREE foreign entities, two of which are based in Singapore, have teamed up to deploy a $100-million fund for clean energy projects in Southeast Asia, including a microgrid project in the Philippines.
In a statement released on Wednesday, Singapore’s WEnergy Global Pte. Ltd., ICMG Partners Pte. Ltd. and Greenway Grid Global Pte. Ltd. said they had formed a Singapore-based investment entity.
The newly formed Singapore company, CleanGrid Partners Pte. Ltd., aims to build and manage a portfolio of electrification projects valued at about $100 million within three to four years.
“WEnergy Global, one of the principal shareholders of the new company, has already set the stage by being an initiator for a microgrid project in Palawan in the Philippines, to be part of this electrification plan,” the statement read.
CleanGrid will finance and operate renewable energy projects in Southeast Asia, of which $20 million has been made available for short-term deployment.
“CleanGrid Partners is aiming at enabling a rapid replication of the Palawan project in several other places in Southeast Asia to meet the demand for off-grid and decentralized electrification. In Singapore, the partners aim at engagements in smart micro-grids at industrial estate level,” the company said.
“Several other projects in the Philippines, Indonesia and Myanmar are already in the pipeline.”
The statement described WEnergy Global as a Singapore-headquartered company that has taken on several public and private sector clean electrification projects in the region.
ICMG Partners is a global management consulting firm with operations in Singapore, Tokyo, Shanghai and Silicon Valley, while Singapore-based Greenway Grid Global counts Japan’s Tokyo Electric Power Company PowerGrid, Inc. as one its main shareholders. — Victor V. Saulon