The co-investment platform is part of SUSI’s Southeast Asia strategy, which has secured fresh commitments of $139m.
A new utility-scale renewable energy platform, Sustainable Asia Renewable Assets (“SARA”), has been set up jointly by FMO, the Dutch entrepreneurial development bank, British International Investment (“BII”), the UK’s development finance institution and impact investor, and SUSI Partners, a specialist manager of energy transition infrastructure investments. Established within the SUSI Asia Energy Transition Fund (“SAETF”), it aims to build a 500 MW portfolio of greenfield renewable energy projects across selected Southeast Asian markets by the end of SAETF’s fund life.
The initial focus of this co-investment platform will be on getting greenfield projects into construction and operation. There are also plans for SARA to develop its own proprietary pipeline of projects across Southeast Asia to create a scalable and independent renewable power platform. The Dam Nai wind farm in Vietnam, which SUSI acquired in October 2024, will become SARA’s cornerstone asset.
BII and FMO are investing USD 70 million and USD 50 million respectively through co-investment commitments to SARA and top-up commitments to the SUSI Asia Energy Transition Fund (“SAETF”). Complemented by further commitments to SAETF from existing and new investors, SUSI has more than doubled the size of its Southeast Asia-focused strategy from USD 120 million to USD 259 million (including direct co-investments). The funds are solely dedicated to sustainable energy infrastructure projects in Southeast Asia.
Due to Southeast Asia’s growing position as a global manufacturing and industry hub, the region is projected to account for more than a quarter of global energy demand growth until 2035, according to the International Energy Agency (“IEA”). Given that nearly 80% of Southeast Asia’s rise in energy demand has been met by fossil fuels since 2010, the climate impact per dollar invested in the region’s energy transition is among the highest globally.
With a presence in Singapore since 2019, SUSI has been an early mover in the Southeast Asian energy transition. After closing SAETF in 2023 at USD 120 million, the fund was reopened in 2024 based on strong deal flow and demand from LPs.
SAETF’s current portfolio focuses on utility-scale renewable energy projects as well as distributed generation and energy efficiency projects with commercial and industrial customers across emerging Southeast Asian markets. To date, the fund has invested in Vietnam, the Philippines, Thailand, and Cambodia.
Peter Byrde, FMO’s Private Equity Director, said, “Through this investment, SARA will be able to provide clean energy to countries in Southeast Asia that have a clear need for additional power while diversifying their energy matrix. At FMO, we are committed to a net-zero portfolio by 2050, striving towards a 1.5ºC pathway alignment at both a portfolio and investment level. As this transaction not only allows us to invest in various attractive markets, but also enables us to maximize our impact due to this being a fully green transaction, this is a clear opportunity aligned with our PE Energy strategy. We look forward to supporting these late-stage development projects across the region.”
Srini Nagarajan, Managing Director and Head of Asia at BII said: “Southeast Asia’s evolving clean energy sector offers significant potential for climate investments. Development finance institutions like ours can play a pivotal role in this transition. We are delighted to partner with SUSI and FMO to launch a new utility-scale platform in the region and to increase our support for SAETF, which was BII’s first investment in the region under our current strategy between 2022 and 2026.”
Wymen Chan, Head Asia at SUSI Partners said: “While the distinctive political, economic, and social characteristics of each of the countries in Southeast Asia requires strong local expertise and networks, we believe that the region provides us with a uniquely attractive opportunity to deliver impactful returns to our clients. The backing of reputable institutions such as BII and FMO are critical to attracting further urgently needed capital for the build-out of sustainable energy infrastructure in the region.”
Given the favourable economic outlook, the emergence of supportive policy frameworks, and the region’s substantial climate mitigation potential, SUSI Partners, BII, and FMO therefore remain fully committed to advancing the build-out of energy transition infrastructure in the region.
END
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn and X.
SUSI Partners is an independent, specialist investment manager providing institutional investors with access to mid-market private infrastructure opportunities arising from the global energy transition. With over 15 years of activity and more than EUR 2.1 billion investor capital raised to date, the firm has a proven track record across the energy transition investment theme, achieving attractive risk-adjusted returns for its clients and their beneficiaries while contributing meaningfully to global climate change mitigation efforts. For more information, visit www.susi-partners.com.
Nia Tam
Corporate Communications Officer
Email: press@bii.co.uk
Josh Asmah
Stakeholder Engagement Officer
Email: J.Asmah@fmo.nl
Dimitri Schubiger
Senior Communications & Marketing Manager
Phone: +41 (0)58 255 75 28
Email: media@susi-partners.com
