Thursday, 27 November 2014
Last updated 16 hours ago
Nov 22 2011 | 9:32am ET
Maybank Islamic Berhad has joined forces with Maybank MEACP of Singapore to launch a $500 million Asia-focused clean energy private equity fund.
In a statement announcing the fund, Maybank Investment Bank CEO Tengku Dato' Zafrul Tengku Abdul Aziz said the 10-year private equity vehicle will invest in wind, solar, geothermal, small hydroelectric, biomass, biofuels and energy efficiency projects. The fund will invest in the Asia-Pacific region with a focus on countries like China, India, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Cambodia and Laos.
“The clean and renewable energy sector is a high-growth sector with multi-faceted opportunities for small and medium business groups,” said Mumtaz Khan, CEO of Maybank MEACP, in a statement.
The fund will be made up of two parallel investment vehicles—a $350 million master fund supported by Maybank, Asian Development Bank and International Finance Corporation and a $150 million co-financing vehicle supported by Washington D.C.-based Overseas Private Investment Corporation.
The first tranche of funds will have an investment of $87.5million, of which Maybank will contribute $50 million.
Maybank MEACP is a joint venture of Malaysia’s Maybank and Singapore’s Middle East & Asia Capital Partners. Maybank Islamic Berhad operates as a subsidiary of Malayan Banking Berhad, based in Kuala Lampur, Malaysia.
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