To be based in Singapore, Gurīn Energy will invest in greenfield wind and solar PV energy projects, and storage solutions across Asia
Infratil, a New Zealand-based infrastructure investment company, has announced that it will establish an Asia-focused renewable energy development platform called Gurīn Energy with an investment of $233m.
To be based in Singapore, Gurīn Energy will focus on new renewable projects across Asia.
The renewable energy developer will invest in greenfield wind and solar photovoltaic (PV) energy projects, and storage solutions in the continent, including Southeast Asia, India, and North Asia.
Infratil said that Gurīn Energy is already advancing an initial pipeline of projects of 500MW at various stages of development in the Philippines, Thailand, Vietnam, Japan, and Indonesia.
The company’s CEO Jason Boyes said that Asia provides an important opportunity to foray into markets which are following a ‘transition to renewables’ roadmap that was previously laid out by Europe and North America.
Boyes said: “Markets across Asian are characterised by combined tailwinds of demand growth, a growing commitment at national levels to decarbonisation, an increasing desire to reduce dependency on imported fuels, and to build self-sufficiency and security of supply.
“The breadth of the Asian market allows us to diversify our risk profile, both from geographic and technology perspectives.
“Together with our US, European and New Zealand platforms, our investment in Gurīn Energy demonstrates our global commitment to sustainability and climate change and extends our ability to manufacture quality renewable energy assets to Asia.”
Gurīn Energy is the fourth renewable energy platform to have been set up by Infratil to cover global growth of the sector.
The New Zealand-based firm will own Gurīn Energy in partnership with the latter’s management team.
Infratil said that $100m of its investment commitment is in the form of support for letters of credit to be given by third party financiers for projects.
The new renewable energy development platform will be led by Assaad Razzouk, who will serve as its CEO. Razzouk is said to bring a well-established team from Singapore-based Sindicatum Renewable Energy, which has developed more than 5GW of energy assets.
The Gurīn Energy CEO said: “We are delighted to partner with Infratil to do our part in powering Asia with clean energy.
“Infratil’s track record of establishing successful renewable energy platforms in Australia (Tilt Renewables), the United States (Longroad Energy) and Europe (Galileo Green Energy) is unmatched and provides immense synergies, best-practice know-how and learning opportunities for Gurīn Energy, our people and our region.”
Last month, Infratil completed the previously announced sale of its 65.15% stake in Tilt Renewables.