SUSI Partners has raised US$139m additional investor capital for its southeast Asia-focused renewable energy strategy, increasing its total size to US$259m.
The capital raise was mainly driven by sizeable additional commitments from British International Investment (BII), the UK’s development finance institution and impact investor, and FMO, the Dutch entrepreneurial development bank.
SUSI has secured US$70m and US$50m from BII and FMO, respectively, through co-investment commitments to Sustainable Asia Renewable Assets (SARA), a newly established utility-scale renewable energy platform, 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 US$120m to US$259m.
Through SARA, SUSI, in close partnership with co-investors BII and FMO, aims to build a 500MW portfolio of greenfield renewable energy projects across selected Southeast Asian markets by the end of SAETF’s fund life.
The initial focus of the 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 on behalf of SAETF in October 2024, will become SARA’s cornerstone asset.
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 projects in Vietnam, the Philippines, Thailand, and Cambodia.