Clime Capital, the Singapore-based fund manager focusing on accelerating the low carbon transition, announced that the Southeast Asia Clean Energy Facility (SEACEF) has committed development funding to Skye Renewables Holdings Pte Ltd (Skye), an emerging Singapore-based Southeast Asian-focused commercial and industrial solar developer.
SEACEF’s investment will support Skye in accelerating its deployment of rooftop solar installations and other clean energy solutions in Southeast Asia where it is addressing the growing demand from commercial and industrial consumers for low-cost clean energy.
Skye has a goal to reach at least 300 MWp of rooftop solar installation by 2028 in Southeast Asia: a region where rooftop installations are estimated to have reached less than 1% of their estimated potential in most markets. Skye’s growth targets are further supported by a strategic partnership with a leading Japanese energy company, Idemitsu Kosan (Idemitsu) to develop clean energy projects.
Expanded investment into the commercial and industrial rooftop solar market that Skye champions is a critical element of the low-carbon transition. Commercial and industrial businesses are large consumers of energy and leading proponents of clean energy adoption based on their recognition of its cost advantages and potential to realise carbon reduction targets.
Mason Wallick, Chief Executive Officer at Clime Capital, said, “Throughout Southeast Asia, commercial and industrial rooftops remain a largely untapped opportunity to install significant solar energy that will help to advance the low carbon transition now and in the years to come. We are excited to support Skye in fulfilling this potential.”
Ross Coull, Chief Executive Officer, and founder at Skye Renewables said, “We are delighted to welcome the team at Clime Capital as our partner in Skye. Their extensive experience in renewable energy in Southeast Asia means that they will bring a lot to our organisation and help us achieve our ambitious goal of decarbonising our clients’ supply chains.”
Joshua Kramer, Chief Investment Officer at Clime Capital, said: “We’re thrilled to be able to make an investment commitment to Skye which we believe has great potential to achieve its growth targets and in doing so become a regional champion for distributed clean energy solutions for a diverse commercial and industrial customer base.”
In addition to the Skye investment, SEACEF has completed six investments in Indonesia, Vietnam, and the Philippines since the fund’s launch in June 2020. SEACEF is backed by leading international climate foundations and investors.