BlackRock’s Climate Finance Partnership backs Ditrolic Energy
Summary
The partnership seeks to facilitate realisation of Ditrolic Energys targeted 1 GW+ pipeline of solar projects in Malaysia, Bangladesh, Indonesia and the Philippines.The portfolio is expected to eliminate an estimated 2.7 million t of CO emissions, while improving access to electricity for some 52 000 consumers and providing jobs for around 3500 people. This partnership aligns well with our existing portfolio which presents an attractive opportunity to mobilise more capital into climate infrastructure in emerging markets and accelerate national ambitions to achieve net zero economies.Tham Chee Aun, Founder and Group CEO of Ditrolic Energy, said: We are committed to playing a key role in Asias energy transition. Countries including Malaysia, Bangladesh, Indonesia, and the Philippines have strong power market fundamentals and increasingly pro-renewable regulatory regimes. The nations domestic oil and gas reserves are expected to be depleted by 2029, driving up importation of fossil fuels for power generation, while raising electricity tariffs. CFP brings together public, private and philanthropic sectors to mobilise significant blended capital into climate infrastructure, targeting investment in non-OECD countries across Asia, Latin America, and Africa.The partnership secured US$673 million in commitments from a global consortium of investors including governments, philanthropies, and institutional investors in an oversubscribed final fundraise, exceeding the initial target of US$500 million.BlackRock currently manages over US$50 billion of infrastructure client AUM is comprised of infrastructure equity, debt and solutions, and has grown both organically and inorganically since inception in 2011.For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more.