Tuesday, November 15, 2011

Maybank starts US$500m clean energy fund

Maybank and Maybank MEACP Pte Ltd of Singapore have launched a US$500 million (RM1.568 billion) clean energy fund, which offers investors an opportunity to tap the growing interest in clean and renewable energy in Asia.

Maybank Investment Bank chief executive officer, Tengku Datuk Zafrul Tengku Aziz, said the ten-year private equity fund was targeted at global institutional investors with a minimum US$10 million investment.

"The fund will be invested in a diversified portfolio of clean energy projects in the Asia-Pacific focusing on China, India, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Cambodia and Laos," he said.

Speaking to reporters after the signing ceremony and launch of the fund here today, Zafrul said, the fund would prioritise power generation infrastructure projects using renewable sources.

He said to-date the fund has US$87.5 million, of which Maybank contributed US$50 million, Asia Development Bank US$20 million and International Finance Corp US$17.5 million.

Zafrul said the fund was dedicated for clean and energy projects in sectors such as wind, solar, geothermal, small hydro, biomass, bio fuels and energy efficiency.

"Through this fund Maybank is able to tap a sector with immense potential and attractive returns, while being a responsible corporate citizen in doing our part for the environment," he said.

The new fund will be co-managed by Maybank Ventures Sdn Bhd and Maybank MEACP Pte Ltd, a joint venture private equity fund manager set up by Maybank with private funds managers from Asia-Pacific and Middle East. - Bernama

Read more: Maybank starts US$500m clean energy fund http://www.btimes.com.my/Current_News/BTIMES/articles/20111115191231/Article/index_html#ixzz1dm40AHRI

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