Clime Capital, the Singapore-based fund manager, has announced that the South East Asia Clean Energy Fund ll (SEACEF ll) has achieved maximum capitalization with $175 million committed.

SEACEF ll, the first blended investment fund established in Southeast Asia to provide early-stage high-risk capital to support promising businesses accelerating the region’s low-carbon transition, now includes funding from key global climate-focused private-equity funds, to be applied to promising clean-energy businesses at their early-stage, high-risk development phases, Clime Capital said in a statement on last Thursday.

SEACEF II will also offer additional capital to accelerate the scale-up of its portfolio companies.

The fund’s final closing includes a significant milestone in Clime Capital’s growth with the commitment for the first time of private-sector institutional capital from the Emerging Market Climate Action Fund (EMCAF), a blended finance Fund of Funds created in partnership by Allianz Global Investors (AllianzGI) and the European Investment Bank (EIB).

Among others additional new contributors to SEACEF ll include Proparco, a development finance institution partly owned by the French Development Agency and private shareholders; the Asian Development Bank (ADB); and the Sall Family Foundation, a private foundation supporting transformative change at the nexus of the environment, public health, and community resiliency.

Like SEACEF I, SEACEF II invests in promising renewable energy generation, energy efficiency, electric mobility, and electrical grid businesses at their early-stage, high-risk development phases.

SEACEF II will also offer additional capital to accelerate the scale-up of its portfolio companies.

Cited the International Energy Association (IEA), Clime Capital highlighted that Southeast Asia’s spending on clean energy comprises just 2 percent of the global total and International development finance is vital to the region’s energy transitions.

The multiplier effect of early-stage risk capital applied to high-potential clean-energy businesses can help maximize investment funding committed to the region.

Since first close on 22 December 2023, SEACEF ll has completed seven new investments in Indonesia, Vietnam and the Philippines.

The fund’s experienced in-country experts continue to add high-potential investment candidates to the fund’s pipeline.

“With its final close, SEACEF ll has undergone a substantial development, combining meaningful private institutional capital with government and philanthropic funds under our innovative blended model,

“Now more than ever before, Clime Capital is positioned to provide transformative investment for the companies that will drive clean-energy progress in Southeast Asia,” said Mason Wallick, Chief Executive Officer of Clime Capital.

Clime Capital Chief Investment Officer Joshua Kramer also sald the final close of SEACEF ll is the culmination of a process going back several years in which the firm’s innovative concept has been tried and tested and shown to be not only viable but essential in accelerating the growth of key clean-energy businesses.

“We look forward to continuing our work to have a meaningful impact toward accelerating Southeast Asia’s low-carbon energy transition,” he added.

Meanwhile, Proparco’s Chief Executive Officer Françoise Lombard said this fund will play a pivotal role in the region by providing early-stage capital to innovative low-carbon businesses across Vietnam, Indonesia, and the Philippines.

“SEACEF II combines public, private and philanthropic capital that will be deployed through high-impact projects accelerating the net-zero transition—a goal that is central to our strategy and vital to our shared future,” he added.

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