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Manila Bulletin devider Business devider AIIB-backed fund eyes Philippine climate investments

AIIB-backed fund eyes Philippine climate investments

Published Sep 30, 2024 11:35 pm

A $100-million financing backed by the China-based Asian Infrastructure Investment Bank (AIIB) is eyeing climate transition investments in the Philippines and other Asia-Pacific countries.

In a Sept. 30 statement, the AIIB noted that three-fourths of the total commitment, or $75 million, is for the Actis Asia Climate Transition Fund. The remaining $25 million is a co-investment sleeve alongside this fund.

The AIIB's commitment was signed during its ninth annual meeting held in Samarkand, Uzbekistan, last week.

"This marks the AIIB's first climate transition-themed fund dedicated to emerging Asia and highlights the bank's commitment to sustainable development and climate change mitigation in the region," it said.

In particular, the fund would be invested in energy solutions, renewable energy infrastructure, and sustainable transportation projects in the region, the AIIB said.

"Our commitment to the Actis Asia Climate Transition Fund underscores the AIIB's dedication to financing sustainable infrastructure and fostering low-carbon solutions in Asia. This partnership aligns with our climate strategy and sets a precedent for future investments aimed at achieving net-zero emissions while promoting gender equality in the energy sector," AIIB acting vice president Rajat Misra said.

According to earlier AIIB documents, the Actis Asia Climate Transition Fund's investment strategy "mainly targets opportunities that are operating in countries in Asia and the Pacific including India, Indonesia, Malaysia, the People's Republic of China, the Philippines, Thailand, and Vietnam."

Non-sovereign financing for this fund, which is being managed by global sustainable infrastructure investor Actis GP LLP, was approved by the AIIB in January of this year.

In September, Actis announced its investment partnership with Manila Electric Co. and Meralco subsidiary Solar Philippines New Energy Corp. for the Terra Solar Project, which they said would likely be the world's biggest integrated renewables and energy storage project.

"The transaction represents the largest foreign direct investment for a greenfield infrastructure project in the Philippines and will see Actis bring its rich experience in contracting, building and operating infrastructure assets to the project," the company said on its website.

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