January 22 (Renewables Now) - A group of investors, among which is Singapore's WEnergy Global Pte Ltd, have formed a USD-60-million (EUR 52.8m) joint venture (JV) to finance and operate renewable energy projects in Southeast Asia.
The trio of investors behind the project includes WEnergy Global, consulting firm ICMG Partners Pte Ltd and Greenway Grid Global Pte Ltd, in which Japan's TEPCO PowerGrid Inc is one of its main shareholders. All parties have equal shareholding in the JV, they announced on Tuesday.
The new entity, called CleanGrid Partners Pte Ltd, is based in Singapore. It will aim to build a portfolio of projects worth about USD 100 million within three to four years. Currently it has USD 20 million available for short-term deployment.
According to the plan, CleanGrid Partners will replicate WEnergy’s microgrid project on the island of Palawan in the Philippines at other locations in Southeast Asia and will seek to develop smart microgrids in Singapore. The partnership will benefit from Greenway Grid Global’s technical know-how and research and development (R&D) capabilities and WEnergy's experience in the installation of renewable energy microgrids in Southeast Asia.
(USD 1.0 = EUR 0.8805)