British International Investment (BII) has announced a joint venture focused on renewable energy in Southeast Asia. The venture is called the Sustainable Asia Renewable Assets Company (SARA). It is a joint venture with two international partners- FMO, an entrepreneurial development bank, and SUSI Partners, an infrastructure investment manager.
Energy Transition
BII and FMO have committed substantial investments to the venture. BII will invest $70 million, while FMO will contribute $50 million. SUSI Partners will bring a cornerstone asset to the joint venture—the Dam Nai wind farm in Vietnam. SUSI acquired the wind farm in October last year.
The funds will also be directed toward SUSI Partners’ Asia Energy Transition Fund. The fund focuses on sustainable energy infrastructure projects throughout Southeast Asia. This collaboration is designed to support the region’s energy shift. The primary goal is to transition from fossil fuels to renewable energy sources.
A Green Future
SARA’s goal is ambitious. The company is aiming to develop a 500 megawatt portfolio comprising greenfield renewable energy projects spread across Southeast Asia. Until now, the region has relied heavily on fossil fuels to meet its growing energy demands.
The International Energy Agency has predicted that by 2035, more than a quarter of the world’s energy demand growth will come from Southeast Asia. Renewable energy solutions have never been more in demand than now, and SARA’s projects look to fill this gap by bringing clean, sustainable energy to the region.
Renewable Investment
The partnership will witness each partner bring their expertise to the table. This will be a step toward speeding up the renewable energy transition in Southeast Asia. It will also aid the fulfillment of the region’s climate goals . With investments totaling $120 million and the focus on sustainable energy, the collaboration will help the region transition to cleaner and greener energy solutions.