Accelerating South-East Asia’s net-zero transition

Accelerating South-East Asia’s net-zero transition

Our investment is helping commercial and industrial businesses switch to clean, low-cost power through scalable solar solutions

 

South-East Asia is home to fast-growing economies that have historically relied heavily on coal and gas, particularly across commercial and industrial sectors. At the same time, the region is highly vulnerable to the impacts of climate change. This combination has increased the urgency of using renewable energy to help meet ambitious decarbonisation targets. While governments have introduced supportive policies to accelerate the transition from fossil fuels to renewables, adoption across commercial and industrial sectors requires significant private investment.

In 2024, we made a joint investment alongside Idemitsu Kosan, one of Japan’s leading energy companies, in Skye Renewables (Skye). Skye builds and operates on-site solar power systems for commercial and industrial customers, enabling businesses to transition to clean energy without upfront capital costs. Clients sign long-term power purchase agreements that provide them with lower-cost clean energy while reducing their emissions.

Our investment is supporting Skye’s target of building more than 300MW of greenfield solar power capacity for commercial and industrial customers in countries including the Philippines, Vietnam, Singapore and Malaysia. Its growing client list includes Honda, Decathlon, and mall and supermarket operator LLC. As Skye grows, its solar projects are expected to help avoid 270,000 tonnes of CO2e annually, equivalent to the emissions generated by 47,000 homes in a year.

Investment name: Skye Renewables
Location: South-East Asia

Investment type: Growth Portfolio

300MW

expected clean energy capacity

270,000

tonnes of carbon emissions expected avoided every year

We recognise the need to reduce our carbon footprint and embrace renewable energy solutions. Partnering with Skye allows us to achieve this goal.”

Sayaka Arai

President, Honda Philippines

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