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Clime Capital hits $127m first close of second SE Asian clean energy fund

Singapore-based venture capital and private equity fund manager Clime Capital has announced the first close of its second Southeast Asia-focused clean energy fund at $127 million.

The fund – Southeast Asia Clean Energy Fund II (SEACEF II) – secured commitments from Allied Climate Partners, Australian Development Investments, the Global Energy Alliance for People and Planet, and Impact Assets, and several other investors, according to the announcement.

DealStreetAsia reported in August last year that Clime Capital was looking at raising $135 million for SEACEF II, with Dutch development bank FMO coming in as an investor with a commitment of about $13.72 million. British International Investment (BII), the UK’s development finance institution and impact investor, has also committed $13.5 million to the fund.

Like SEACEF I, which raised $15 million in 2021, SEACEF II will invest in renewable energy generation, energy efficiency, electric mobility, and electrical grid businesses at their early-stage, high-risk development phases.

SEACEF II will also offer additional capital to accelerate the scale-up of its portfolio companies.

Per FMO’s disclosure last year, the fund will invest in Vietnam, Indonesia, and the Philippines. The three countries account for 75% of the Southeast Asian population, 80% of the region’s greenhouse gases and 90% of the coal project pipeline.

SEACEF’s investments in the region include EBOOST, an open-network electric vehicle charging operator in Vietnam; Indonesian solar leasing project firm Xurya Daya Indonesia; Vietnamese wind power project firm Levanta Renewables; Philippine wind power project firm Real Wind Energy Inc; and Vietnamese solar and energy storage firm Blueleaf Energy.

“Clime Capital has proven that our unique combination of early-stage investment ability and clean-energy expertise applied through dedicated on-the-ground teams in Southeast Asia can make a real difference,” said Mason Wallick, CEO and co-founder of Clime Capital.

Clime Capital has an on-the-ground presence in Vietnam, India, Indonesia, the Philippines, and Singapore.

Originally published on DealStreet Asia


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