Brookfield expands portfolio with RE investments in Southeast Asia

The investment firm acquired various developers in the region.

New York-based Brookfield Asset Management has expanded its reach to Southeast Asia with fresh investments in the Philippines, Vietnam and Thailand.

In a statement, Brookfield said it has acquired clean energy developer Alba Renewables, which has a portfolio of 1.8 gigawatts (GW) of wind, solar and battery storage assets predominantly in the Philippines and Thailand.

It also acquired a 100 megawatt long-term, contracted, operational wind project in Vietnam.

“These transactions, in addition to our recent joint venture in Malaysia, provide Brookfield with a strategic entry of scale into Southeast Asia and a network effect that strengthens and enhances our renewable power capabilities across the region,” said Brookfield Asia Pacific Head of Renewable Power & Transition Daniel Cheng.

The investments have been made through Brookfield’s Catalytic Transition Fund (CTF), which also recently invested in a partnership with clean energy expert Solarvest in Malaysia to jointly develop more than 1.5 GW of solar and battery energy storage projects.

CTF is backed by $1b of catalytic capital from ALTÉRRA. This is Brookfield’s dedicated vehicle to mobilise private capital into emerging markets to accelerate the global net-zero transition.