The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has signed a senior secured debt financing agreement with Ukko Renewable Pte. Ltd., committing up to USD 50 million to accelerate the development of renewable energy projects across Southeast Asia.
The financing will support Ukko Renewable, the renewable energy platform of Groupe Duval, in advancing an initial pipeline of more than 2 GW within a broader 3 GW-plus portfolio of wind, solar and hydropower projects across Vietnam, the Philippines and other Southeast Asian markets.
According to the companies, the funding will enable the initial portfolio to reach a ready-to-build stage by supporting project development activities such as site identification, permitting, grid studies, environmental assessments and early-stage engineering. The projects are expected to be developed to international standards to facilitate future investment from commercial and institutional capital providers.
Ukko Renewable has secured an initial 1.4 GW pipeline in Vietnam, with projects prioritised under the country’s revised Power Development Plan (PDP8). The company is also developing wind and hydropower projects in the Philippines, where the Green Energy Auction Programme (GEAP) supports renewable energy deployment.
Once the initial pipeline becomes operational, it is expected to avoid approximately 2.2 million tonnes of CO₂ equivalent emissions annually while supplying clean electricity to more than 2.8 million end users.
The transaction marks EAAIF’s continued expansion into Asian climate finance and aligns with PIDG’s strategy to mobilise private investment for sustainable and climate-resilient infrastructure across South and Southeast Asia. The fund said the financing addresses a critical shortage of risk-tolerant capital for early-stage renewable energy project development in the region.
For Ukko Renewable, the agreement represents a key milestone in its regional growth strategy, strengthening its financial capacity to accelerate the development of one of Southeast Asia’s largest diversified renewable energy portfolios while supporting energy security and decarbonisation across high-growth markets.
Finergreen acted as the exclusive financial advisor to Ukko Renewable on the transaction.
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