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Armstrong to invest up to USD 40m in Asian wind, solar projects

(SeeNews) - May 20, 2014 - Singapore-based Armstrong Asset Management said on Friday it will commit up to USD 40 million (EUR 29.2m) in equity for the construction of wind and solar schemes in southeast Asia in cooperation with The Blue Circle Pte Ltd.

As part of the partnership, the asset manager will also acquire a minority interest in Blue Circle, which is developing projects in the Mekong Region, comprising Vietnam, Thailand and Cambodia. With headquarters in Singapore, Blue Circle has a pipeline of more than 600 MW of renewable energy schemes in the specific region. The developer will get the chance to make use of Seed Capital Assistance Facility (SCAF) funding under its newly-agreed partnership.

In April, Armstrong signed a deal with Mandiri Investment Management to co-invest in renewable energy projects in Indonesia, more specifically in mini hydro-electric power plants.

(USD 1.0 = EUR 0.730)

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