Armstrong readies for launch of new US$150m Clean Energy fund focused on Southeast Asia’s markets

Singapore-based asset manager secures commitments towards a first closing at US$66m from leading European finance institutions GEEREF and DEG, and an Asian-based corporate
Armstrong Asset Management
Armstrong Asset Management
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Andrew Affleck
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Chinatown - Singapore - Singapore


May 10, 2012 - PRLog -- Singapore, 10 May 2012 - Armstrong Asset Management, a newly-established independent clean energy asset manager is set to launch its first fund, the Armstrong South East Asia Clean Energy Fund (“ASEACE” or the “Fund”).  The new private-equity vehicle aims to provide development capital to small-scale renewable energy and resource efficiency projects in Southeast Asia. With an expected first closing at US$66 million this month, the fund will include commitments from two leading European development finance institutions: GEEREF, the Fund-of-Funds advised by European Investment Bank (EIB) and European Investment Fund (EIF), and DEG, a member of KfW Bankengruppe. In addition, the third and largest limited partner in the initial close will be a South East Asian-based corporate with significant interests in multiple industry sectors.

With a target size of up to US$150 million, the 10-year fund will invest in small-scale infrastructure projects in Malaysia, Thailand and Indonesia and other Southeast Asian emerging markets. Typical projects sizes will generate power of up to 10 megawatt (MW) from renewable energy resources, such as solar, hydro, wind.

“ASEACE is on track to be the only operational clean energy fund dedicated to Southeast Asia. While both China and India tend to get more attention, for Armstrong, we’ve found that focusing on Southeast Asia has been a strong draw for our investors. It helps that new regulatory policies are being enacted by governments in the region which encourage the development of the renewable energy sector,” said Andrew Affleck, managing partner of Armstrong Asset Management. “In fact, Armstrong’s management team members have deep sector and cultural knowledge of Southeast Asia from their involvement in over 100 energy and infrastructure projects.”

“Our focus is on small-scale projects which provide some real advantages well-suited for Southeast Asia. It’s an investment strategy that we have employed in Europe previously and we are now adapting it for this region where opportunities are much greater,” said Mr Affleck who has 22 years of asset management and investment banking experience in the Asian region, having focused on clean energy investments for the last 7 years.

Prior to setting up Armstrong Asset Management, Andrew Affleck was CEO of Low Carbon Investors Ltd, a dedicated global clean energy fund management group with over US$300 million under management. During his four year tenure, he co-led the firm’s transformation from a US$50 million single fund cleantech venture business to a multi-fund clean energy infrastructure asset manager. The infrastructure funds have led to operational experience gained through the development and acquisition of 28 small scale (sub 10MW) solar and wind projects which in aggregate amount to 83MW.

About Armstrong Asset Management
Armstrong Asset Management is an independent asset manager, based in Singapore, focused on the clean energy sector in Southeast Asia’s emerging markets. Armstrong has announced its first fund will invest in small-scale infrastructure projects and is on track to achieve first closing at US$66 million. The Armstrong South-East Asia Clean Energy fund (“ASEACE”) is set to be the only operational clean energy fund of its kind in the region. Armstrong’s multidisciplinary team consists of 7 investment professionals with deep sector knowledge and cultural experience from a collective 68 years of Southeast Asia operating experience. As a responsible investor, Armstrong believes integrating sustainable, environmentally friendly practices into day-to-day activities delivers tangible benefits, creates additional opportunities, benefits society and reduces risk. Such an ethical approach leads to follow on opportunities and improved financial returns especially when the true costs of increasingly scarce natural resources are considered.

GEEREF is an innovative Fund-of-Funds, providing global risk capital through private investment for energy efficiency and renewable energy projects in developing countries and economies in transition, it aims to accelerate the transfer, development, use and enforcement of environmentally sound technologies for the world's poorer regions, helping to bring secure, clean and affordable energy to local people. The fund was initiated by the Directorate General for Environment and Directorate General for Europe Aid Co-operation Office (AIDCO) of the European Commission. GEEREF is both a sustainable development tool and a strong support for global efforts to combat climate change. It is sponsored by the European Union, Germany and Norway and is advised by the European Investment Bank Group (European Investment Bank and the European Investment Fund).

About DEG
DEG – Deutsche Investitions- und Entwicklungsgesellschaft, a subsidiary of KfW, has been financing the investments of private companies in developing and emerging market countries for 50 years. As one of the largest European development finance institutions, it promotes private business structures to contribute to sustainable economic growth and improved living conditions. DEG invests in profitable projects that contribute to sustainable development in all sectors of the economy.

Issued by H2PC Asia on behalf of Armstrong Asset Management
For further information, please contact:

H2PC Asia (Tel: 65-6222-2937)
Ms Beng-Ai Yap      +65-9767 9598      byap[at]h2pcasia[dot]com

Armstrong Asset Management
Mr Andrew Affleck      +65-6622 5600      andrew.affleck[at]armstrongam[dot]com
Ms Sabine Chalopin   +65-9728 1430      sabine.chalopin[at]armstrongam[dot]com
Tags:Armstrong, Andrew Affleck, Deg, GEEREF, Southeast, Asia, Clean, Energy, Cleantech, Fund, Solar, Hydro, Wind, Small scale
Industry:Energy, Finance, Investment
Location:Chinatown - Singapore - Singapore
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