BUSINESS

MALAYSIA'S DITROLIC ENERGY SECURES INVESTMENT BACKING FROM BLACKROCK'S CLIMATE FINANCE PARTNERSHIP

31/01/2024 10:29 PM

KUALA LUMPUR, Jan 31 (Bernama) -- Malaysian renewable energy developer Ditrolic Energy Holdings Sdn Bhd has entered into an agreement with BlackRock’s Climate Finance Partnership (CFP) that will back Ditrolic Energy’s expansion to build commercial and industrial (C&I) and utility-scale solar assets throughout emerging markets in the Asia Pacific.

Blackrock is a global asset management company and the CFP is its flagship public-private finance vehicle. The CFP is a unique partnership among BlackRock and the governments of France, Germany and Japan through their respective development finance institutions, as well as leading US impact organisations.

Ditrolic Energy founder and group chief executive officer Tham Chee Aun said the partnership secured US$673 million in commitments from a global consortium of investors, including governments, philanthropies, and institutional investors in an oversubscribed final fundraise, exceeding the initial target of US$500 million.

“The partnership seeks to facilitate the realisation of Ditrolic Energy’s targeted 1 GW+ pipeline of solar projects, increasing Ditrolic Energy’s targeted total capacity to 5GW+ pipeline of solar projects in Malaysia, Bangladesh, Indonesia and the Philippines.

“We are looking for investment as well as expansion of the flagship 360° Clean Energy Solution, EnerLoop, by enabling technology for Carbon Tracking, Battery Energy Storage System and Green Electricity Sales,” he said in a statement today.

With this new partnership, Ditrolic Energy intends to make Malaysia its investment hub to actively invest in key energy transition projects around its approved markets in the Asia Pacific region including Malaysia’s National Energy Transition Roadmap (NETR) programme.

“Ditrolic Energy plans to mobilise significant amounts of capital private investment with the aim to accelerate and reduce the associated cost of energy transition for the country,” he added.

Founded in 2009, Ditrolic Energy is one of the largest renewable energy developers in Malaysia and Southeast Asia and runs a fully integrated value chain from project development, financing, engineering and construction through to operations and maintenance (O&M) and asset management.

To date, Ditrolic Energy is operating, and constructing more than 450 megawatts of solar assets in Malaysia, other Southeast Asia countries, Bangladesh, and China.

With CFP’s partnership, Ditrolic Energy takes a position as one of the leading pure-play energy transition companies in the country.

BlackRock currently manages over US$50 billion of infrastructure client assets under management (AUM), which is comprised of infrastructure equity, debt, and solutions, and has grown both organically and inorganically since inception in 2011.

-- BERNAMA

 


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2024 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy