Global investment firm Brookfield Asset Management has acquired Singapore-based clean energy developer Alba Renewables from SUSI Partners AG, marking the Switzerland-based energy infrastructure investor’s first exit in Asia, per an announcement on Wednesday.
Brookfield said the Alba deal is part of its first renewables investments in the Philippines, Vietnam, and Thailand, aimed at building a regional decarbonisation platform.
Alba Renewables has a portfolio of 1.8 GW of wind, solar, and battery storage assets predominantly in the Philippines and Thailand.
“Brookfield’s backing strengthens our ability to deliver on Alba’s mission of providing clean, dependable, and competitively priced energy at scale to support the regional energy transition,” said Alba Renewables CEO Andrew Affleck.
Brookfield said it has also acquired a 100-megawatt operational, contracted wind project in central Vietnam, describing it as a “seed” investment into a market where it expects to deploy capital at scale.
The investments were made through Brookfield’s Catalytic Transition Fund (CTF), an emerging-markets vehicle anchored by $1 billion in catalytic capital from UAE-backed ALTERRA.
“These transactions, in addition to our recent joint venture in Malaysia, provide Brookfield with a strategic entry of scale into Southeast Asia and a network effect that strengthens and enhances our renewable power capabilities across the region,” said Daniel Cheng, Brookfield Asia Pacific head of renewable power and transition.
SUSI said its SUSI Asia Energy Transition Fund (SAETF) backed Alba in 2024 via a convertible loan used to finance the construction of Alba’s first utility-scale renewable projects in the Philippines and to support the group’s development pipeline in Southeast Asia.
The loan has been repaid on undisclosed terms following Brookfield’s acquisition, SUSI said.
Founded in 2009, SUSI Partners last year closed its first Asia-focused vehicle, SAETF, at an enlarged $259 million. The fund, which is about 80% committed, prioritises energy infrastructure development in Southeast Asia, focusing on Indonesia, Thailand, Vietnam, and the Philippines.
The firm manages about 1.9 billion euros on behalf of institutional investors.
Key platforms in SAETF’s current portfolio include SARA, a utility-scale renewable energy company established in cooperation with British International Investment and FMO; OASIS, a commercial and industrial (C&I) solar PV platform created through the consolidation of several C&I solar PV investments; and Sustainable Energy Solutions Partners (SESP), a waste-to-energy biogas platform in Thailand.
In September, UK investment firm Gresham House Holdings Limited agreed to acquire SUSI for an undisclosed amount.
