Brookfield Asset Management has made its first renewable energy investments in the Southeast Asian countries of the Philippines, Thailand, and Vietnam.
Brookfield has acquired Alba Renewables, a clean energy developer with a 1.8GW portfolio spanning wind, solar, and battery storage assets, primarily located in the Philippines and Thailand.
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The deal is expected to help Alba Renewables expand further across the region.
Brookfield has also purchased a 100MW long-term contracted, operational wind project in the central region of Vietnam.
The investment is claimed to provide Brookfield with a derisked entry point into Vietnam, along with the ability to deploy capital at scale. The move is further supported by favourable government policies, accelerating industrialisation, and robust growth in electricity demand.
Brookfield Asia-Pacific head of renewable power and transition Daniel Cheng said: “Southeast Asia is at the forefront of the global energy transition, with surging demand, favourable policy frameworks and a deep need not just for capital, but also experienced operators with strong track records of unlocking renewable power at scale.
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By GlobalData“By acquiring a seed asset in Vietnam and backing Alba’s expansion across the Philippines, Thailand and beyond, we are catalysing platforms that can deliver reliable, low-carbon energy where it is most needed and impactful.”
Brookfield has deployed these investments via its Catalytic Transition Fund (CTF), which recently entered into a partnership with Solarvest in Malaysia to jointly develop more than 1.5GW of solar and battery energy storage projects.
Alba Renewables CEO Andrew Affleck said: “Today marks an exciting milestone for Alba Renewables. We are proud of the progress our team has made in building the foundation of a high-quality clean energy operating platform across Southeast Asia.
“Brookfield’s backing strengthens our ability to deliver on Alba’s mission of providing clean, dependable and competitively priced energy at scale to support the regional energy transition.”
Backed by $1bn of catalytic capital from ALTERRA, the CTF is Brookfield’s dedicated platform to mobilise private capital into emerging markets, including Southeast Asia, to speed up the global transition to net zero.
