Singapore-based renewable energy platform Athein is seeking to raise funds between $250 million and $300 million in equity from investors to build its solar and wind projects in selected Southeast Asian countries like India, the Philippines, and Vietnam.
Milan Koev, Athein’s Chief Executive Officer (CEO), said that the cleantech company sought $1 billion over the next five years to fund the 2.5 gigawatt-peak (GWp) pipeline of projects. The remaining funds will be in the form of debt. Moreover, he said the firm hired Hong Kong-based Green Horizon Capital Partners to advise on the equity raise. This equity raise is the first by Athein in a joint venture with five solar companies, Koev revealed.
“The company is starting with three countries with a pipeline of projects, all solar, except for one wind project in Vietnam. From now on, we may look into a couple of other interesting markets,” Koev said. “We’re paying attention to Indonesia, Thailand and Australia,” he added.
It is reported that renewable power consumption is on the rise in India and Southeast Asian nations due to rising economies. Thus the rising power demand is gaining attention towards green power.
Michiel Prompers, Managing Partner at Green Horizon, said, “The adviser has launched the process of the equity raise and started gauging interest from infrastructure funds, private equity funds and strategic investors. The non-binding offers were expected within the next month and aimed to close the equity raise by the end of the third quarter.”