Brookfield Asset Management announced its first renewable energy investments in the Philippines, Vietnam and Thailand, including the acquisition of Independent Power Producer (IPP) Alba Renewables, aimed at creating a decarbonization platform for the company in Southeast Asia.

Founded in 2023, Singapore-based Alba Renewables was established to develop, construct, operate, manage, and commercialize renewable energy projects across Asia Pacific, with an initial focus on the Philippines, and expanding into Thailand, to help displace coal and accelerate decarbonization. The company has already established a 1.8 GW portfolio of wind, solar, and battery storage assets.

In addition to Alba, Brookfield also announced the acquisition of a 100 MW operational wind project in Vietnam.

The new investments were made through Brookfield’s Catalytic Transition Fund (CTF), launched in 2023 with a $1 billion anchor commitment from UAE-backed climate investment platform ALTÉRRA, and aimed at deploying capital into clean energy and transition assets in emerging markets in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe.

In its press release announcing the investments, Brookfield said that the combination of its capital and capabilities with Alba’s management team will provide the opportunity to grow and scale the platform across other target markets in Southeast Asia.

Daniel Cheng, Head of APAC, Renewable Power & Transition at Brookfield said:

“With Southeast Asia at the forefront of the global energy transition owing to the region’s surging power demand and favourable policy frameworks, there is a deep need for experienced operators with the knowledge, local partnerships and access to capital to drive the build-out of renewable power.”