en.Wedoany.com Reported - Ukko Renewable has secured up to $50 million in senior secured debt financing from the Emerging Africa and Asia Infrastructure Fund (EAAIF) to develop renewable energy projects in Vietnam, the Philippines, and other Southeast Asian countries. This financing advances an initial project pipeline exceeding 2 gigawatts, with a broader prospective portfolio of over 3 gigawatts, encompassing onshore wind, solar, and hydropower facilities.
Ukko Renewable is a renewable energy platform established in Southeast Asia by Groupe Duval. Louis-Victor Duval, CEO of Groupe Duval, stated that this financing marks a decisive milestone in Ukko Renewable's development and reflects the company's long-term ambition to become a leader in Asia's energy transition. He noted that the company is building, through Ukko Renewable, a platform capable of developing high-quality renewable energy projects that combine excellent technology, strong local partnerships, and the highest environmental and social standards.
Early-stage project development in Southeast Asia has long faced financing bottlenecks, with a chronic shortage of risk-bearing private capital for pre-construction activities such as site selection, grid studies, and early engineering. Philippe Valahu, CEO of the Private Infrastructure Development Group, stated that supporting early-stage project development is a key pillar of the organization's strategy to accelerate a just transition to net zero in South and Southeast Asia by 2030. He believes that mobilizing the investment required for Asia's green transition necessitates strong partnerships between publicly supported capital and world-leading sponsors.
In Vietnam, Ukko Renewable has secured an initial 1.4-gigawatt project pipeline, with projects prioritized under Vietnam's updated Power Development Plan Eight; in the Philippines, the company is expanding its wind and hydropower assets through the national Green Energy Auction Program. Christophe Guyard, CEO of Ukko Renewable, stated that partnering with EAAIF provides the flexible long-term credit needed to rapidly scale up the project pipeline. He added that EAAIF's deep expertise in emerging markets and alignment with international ESG benchmarks make it an ideal institutional partner for the company's regional strategy.
The debt capital provided by the fund is intended to help these greenfield projects reach a construction-ready state, bringing the platform to international standards and attracting long-term commercial investment. Martijn Proos, Co-Head of Emerging Market Alternative Credit at fund manager Ninety One, noted that this transaction with Ukko Renewable demonstrates the fund's commitment to accelerating climate finance and shows that targeted lending plays a central role in transitioning markets. He stated that this financing supports greenfield project development and creates pathways for attracting commercial and institutional investment, accelerating the clean energy transition in Vietnam and the Philippines.
Once fully operational, the initial target project pipeline is expected to offset approximately 2.2 million metric tons of carbon dioxide equivalent annually and provide power to over 2.8 million end users. Consulting firm Finergreen served as exclusive financial advisor to Ukko Renewable in this transaction.
