Maybank starts USD-500m Asian clean energy fund

Nov 16, 2011 - Malaysia's Malayan Banking Bhd (KUL:MAYBANK) said yesterday it was launching a USD-500-million (EUR 370m) private equity fund that will target clean and renewable energy investments in the Asia-Pacific region.

The fund will focus on projects in sectors including wind, solar, small hydro, geothermal, biomass, biofuels and energy efficiency, while in terms of geography it will concentrate on China, India, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Cambodia and Laos.

Maybank has signed an agreement for the fund's launch with Maybank MEACP Pte Ltd of Singapore, a joint venture of the banking group and Mumtaz Khan, founder of Middle East & Asia Capital Partners Pte Ltd ((MEACP). The two joint venture partners will co-manage the vehicle, which will have a first close of USD 87.5 million. Maybank will provide USD 50 million of the amount.

The fund will be made up of a USD-350-million master fund backed by Maybank, the Asian Development Bank and International Finance Corporation, and a USD-150-million co-financing vehicle backed by the Washington D Investment Corporation of the US.

(USD 1 = EUR 0.740)

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