KUALA LUMPUR Malayan Banking Bhd (Maybank) yesterday launched a private equity fund targeting clean energy projects in the region and hopes to raise US$500 million (RM1.6 billion) by July next year.
Maybank signed an agreement with Maybank Middle East and Asia Capital Partners (MEACP) Pte Ltd of Singapore to establish the fund dedicated to clean renewable energy in Asia.
"The Maybank MEACP Clean Energy Master Fund is a 10-year private equity fund that will invest in a diversified portfolio of clean energy projects in the Asia-Pacific region with a focus on China, India, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Cambodia and Laos," said Maybank Investment Bhd's chief executive officer Tengku Datuk Zafrul Aziz at the launch here yesterday.
The US$350 million (RM1 billion) Master Fund is one of two paralleled investment vehicles supported by Maybank, Asian Development Bank and International Finance Corporation, while the US$150 million (RM471 million) co-financing vehicle is supported by US-based Overseas Private Investment Corp.
Tengku Zafrul said the Master Fund will have a first close or commitments of US$87.5 million (RM275 million), to which Maybank is contributing US$50 million (RM157 million).
The fund will be co-managed by Mayban Ventures Sdn Bhd and MEACP.
According to Tengku Zafrul, the fund will focus on clean energy projects in sectors such wind, solar, geothermal, small hydro, biomass, biofuels and energy efficiency in the region.
Maybank MEACP's CEO Mumtaz Khan expects the fund to generate returns in the "high teens" as clean and renewable energy is regarded as a high growth sector.
Tengku Datuk Zafrul Aziz says the fund will invest in a diversified portfolio of clean energy projects in Asia Pacific.
Maybank signed an agreement with Maybank Middle East and Asia Capital Partners (MEACP) Pte Ltd of Singapore to establish the fund dedicated to clean renewable energy in Asia.
"The Maybank MEACP Clean Energy Master Fund is a 10-year private equity fund that will invest in a diversified portfolio of clean energy projects in the Asia-Pacific region with a focus on China, India, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Cambodia and Laos," said Maybank Investment Bhd's chief executive officer Tengku Datuk Zafrul Aziz at the launch here yesterday.
The US$350 million (RM1 billion) Master Fund is one of two paralleled investment vehicles supported by Maybank, Asian Development Bank and International Finance Corporation, while the US$150 million (RM471 million) co-financing vehicle is supported by US-based Overseas Private Investment Corp.
Tengku Zafrul said the Master Fund will have a first close or commitments of US$87.5 million (RM275 million), to which Maybank is contributing US$50 million (RM157 million).
The fund will be co-managed by Mayban Ventures Sdn Bhd and MEACP.
According to Tengku Zafrul, the fund will focus on clean energy projects in sectors such wind, solar, geothermal, small hydro, biomass, biofuels and energy efficiency in the region.
Maybank MEACP's CEO Mumtaz Khan expects the fund to generate returns in the "high teens" as clean and renewable energy is regarded as a high growth sector.
Tengku Datuk Zafrul Aziz says the fund will invest in a diversified portfolio of clean energy projects in Asia Pacific.
