A new utility-scale renewable energy platform aims to build a 500-megawatt portfolio of greenfield projects across selected Southeast Asian markets.

Called Sustainable Asia Renewable Assets ( SARA ), the platform has been set up by development finance institution and impact investor British International Investment ( BII ), Dutch entrepreneurial development bank FMO, and Swiss-based energy transition investment manager SUSI Partners. It was established within the SUSI Asia Energy Transition Fund ( SAETF ).

The three partners aim to achieve SARA’s 500MW target by the end of SAETF’s fund life.

BII and FMO are investing US$70 million and US$50 million respectively through co-investment commitments to SARA and top-up commitments to 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$120 million to US$259 million ( including direct co-investments ). The funds are solely dedicated to sustainable energy infrastructure projects in Southeast Asia.

The initial focus of this co-investment platform will be on getting greenfield renewable energy 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.

Pivotal role

“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,” says Srini Nagarajan, managing director and head of Asia at BII.

Wymen Chan, Asia head at SUSI Partners, adds: “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.”

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.

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.

Nearly 80% of Southeast Asia’s rise in energy demand has been met by fossil fuels since 2010. As such, the climate impact per dollar invested in the region’s energy transition is among the highest globally.