New Zealand based investment company Infrantil is committing €197m to establish Gurin Energy, a renewable energy development platform headquartered in Singapore that will focus on greenfield renewable projects across Asia.
Gurin Energy will invest in the development of wind and solar PV projects and storage solutions across Asia, including South-east Asia, North Asia and India.
It will also be progressing an initial pipeline of projects of 500MW at various stages of development in the Philippines, Vietnam, Thailand, Indonesia and Japan, Infrantil said.
Infratil chief executive Jason Boyes said: “Asia presents a significant opportunity for Infratil to enter markets which are following a ‘transition to renewables’ roadmap laid out by Europe and North America a decade earlier.
“Markets across Asian are characterised by combined tailwinds of demand growth, a growing commitment at national levels to decarbonisation, an increasing desire to reduce dependency on imported fuels, and to build self-sufficiency and security of supply.
“The breadth of the Asian market allows us to diversify our risk profile, both from geographic and technology perspectives."
The new Singapore platform will be led by Assaad Razzouk as its CEO.
Razzouk said: “Infratil’s track record of establishing successful renewable energy platforms in Australia (Tilt Renewables), the US (Longroad Energy) and Europe (Galileo Green Energy) is unmatched and provides immense synergies, best-practice know-how and learning opportunities for Gurīn Energy, our people and our region.”
Boyes added: “I am very pleased to welcome Assaad and his team to the Group.
“Their track record and experience in the sector and region sit nicely alongside our renewable development teams globally.”