Brookfield Asset Management has acquired clean energy developer Alba Renewables, its first renewables investment in Southeast Asia and creating a significant decarbonisation platform in the region.
Alba Renewables has a portfolio of 1.8GW of wind, solar and battery storage assets predominantly in the Philippine and Thailand.
Brookfield has also acquired a 100MW long-term wind project in Vietnam. The investment provides Brookfield with a de-risked entry into a market with opportunities to invest at scale, supportive policy and growing power demand.
Brookfield Asia Pacific Head of Renewable Power and Transition Daniel Cheng: “These transactions, in addition to our recent joint venture in Malaysia, provide Brookfield with a strategic entry of scale into Southeast Asia and a network effect that strengthens and enhances our renewable power capabilities across the region.
“The ecosystem we have created will help us better underwrite and build our investments across the entire jurisdiction.
“Southeast Asia is at the forefront of the global energy transition, with surging demand, favourable policy frameworks and a deep need not just for capital, but also experienced operators with strong track records of unlocking renewable power at scale.”
Brookfield made the investments through its Catalytic Transition Fund, which is backed by US$1 billion of catalytic capital from ALTERRA, which is Brookfield’s dedicated vehicle to mobilise private capital into emerging markets to accelerate the global net-zero transition.
Alba said the acquisition will allow the company to enter into a new era of scale and impact.
Alba CEO Andrew Affleck said Brookfield’s backing strengthens the company’s ability to provide clean and competitively priced energy at scale.