MoFo Advises on SEACEF, a US$2.5 billion Clean Energy Investment Fund for Southeast Asia

Morrison and Foerster (MoFo) advised the European Climate Foundation, a major philanthropic initiative to help tackle climate change by fostering the development of a low-carbon society, on the formation of the Southeast Asia Clean Energy Facility (SEACEF). SEACEF, a “first-of-its-kind” philanthropic initiative based in Singapore, aims to catalyze US$2.5 billion for clean energy investments in Southeast Asia, including wind and solar power, electrical grid transmission infrastructure, energy efficiency in buildings, and electronic mobility and storage.

The MoFo team was led by Singapore Investment Funds partner Jason Nelms and San Francisco Corporate partner Susan Mac Cormac, with assistance from Hong Kong Tax partner Matthew Lau, Investment Funds associate Marcus Sik Kin To, and Tax associate Andrew Chin.

The Morrison Government is helping fast-track Australia’s largest renewable energy infrastructure project which aims to power the Northern Territory and Southeast Asia  injecting billions into the economy and creating thousands of jobs. 

Major Project Status has been granted to Sun Cable’s proposed Australian-ASEAN Power Link (AAPL)  which would be one of the world’s largest dispatchable renewable electricity systems, supported by the world’s largest battery & solar farm in the Barkly region near Tennant Creek. 

Recently, As part of collaborative efforts to boost the country’s energy and food security, especially during the novel coronavirus (COVID-19) pandemic, Department of Energy (DOE) Secretary Alfonso G. Cusi yesterday (6 August) signed a Memorandum of Agreement (MOA) with Agriculture Secretary William P. Dar at the Department of Agriculture (DA) in Diliman, Quezon City. 

“We have been actively seeking ways for the DOE and DA to work closely together, given that food and energy security are intertwined concepts. With the COVID-19 crisis further underscoring the importance of energy and food independence, we want to build on this momentum to ensure that we are able to fully utilize our indigenous energy resources to boost our agrifood sector,” Energy Secretary Cusi said.