The Southeast Asia Clean Energy Facility (SEACEF), a Singapore-based fund manager with a focus on speeding the low-carbon transition, has committed development money to Skye Renewables Holdings Pte Ltd (Skye), an up-and-coming Southeast Asian-focused commercial and industrial solar producer.
The financing from SEACEF will help Skye meet the rising demand for inexpensive clean energy from commercial and industrial clients in Southeast Asia by speeding the implementation of rooftop solar systems and other clean energy solutions.
In Southeast Asia, where rooftop installations are thought to have attained less than 1% of their estimated potential in most areas, Skye aims to construct at least 300 MWp of rooftop solar by 2028. [1] A strategic relationship to create renewable energy projects with a top Japanese energy business, Idemitsu Kosan (Idemitsu), further supports Skye's growth objectives.
The low carbon transition depends on increased investment in the commercial and industrial rooftop solar industry that Skye promotes. Because of the cost advantages and ability to achieve carbon reduction goals of clean energy, commercial and industrial businesses are major consumers of energy and strong advocates of its adoption.
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.”
Since the fund's inception in June 2020, SEACEF has undertaken six investments in Indonesia, Vietnam, and the Philippines in addition to the Skye investment. Leading worldwide climate foundations and investors support SEACEF