New private equity fund for renewables in the Asia-Pacific region
A new private equity fund of $500 million for investments in renewables in the Asia Pacific region will be started by Malayan Banking and Maybank in Singapore, comprising supporting funds by the Asian Development Bank, IFC and the Overseas Private Investment Corp.
Reported by Bloomberg, a new $500 million private equity fund is being started by Malayan Banking Bhd. The fund, so Bloomberg, will have a first tranche of $87.5 million with a contribution of $50 million by Maybank from Singapore.
The fund will invest in renewables, among them geothermal in the Asia-Pacific region with a focus on China, India, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Cambodia and Laos.
The fund will comprise two large packages, $350 million supported by Maybank, the Asian Development Bank and IFC, as well as a $150 million co-financing facility supported by the Overseas Private Investment Corp of the U.S.