Germany-based Patrizia, the company behind South Australian-headquartered Sustainable Energy Infrastructure (SEI), and Mitsui have through their joint venture fund management company APAC Sustainable Infrastructure Fund (ASIF) entered into binding agreements to acquire an interest in Buskowitz Energy Inc (BEI).
BEI is a developer, owner and operator of commercial and industrial (C&I) rooftop solar projects. The company has developed 31 projects with a combined capacity of about 70 MW across the Philippines.
ASIF said it will invest up to $145 million (USD 100 million) in BEI to accelerate its growth objectives. These include delivering more than 500 MW of operational and development capacity in the Philippines by 2030.
“This investment marks a significant milestone for BEI and will enable us to accelerate our growth trajectory,” BEI founder and Chief Executive Officer James Buskowitz said.
“With ASIF’s extensive experience in renewable energy globally, we are well-positioned to expand our capacity and explore new opportunities in the renewable energy sector, driving sustainable development in the Philippines.”
The renewable energy sector in the Philippines is growing rapidly with the government aiming for half of its power to come from renewables by 2040, which means an additional 74 GW of renewable energy capacity will be needed.
Saji Anantakrishnan, head of infrastructure for Australia and Asia at Patrizia, said the Philippines’ market presents “compelling opportunities” for ASIF.
The fund management company’s investment in BEI marks the joint venture’s second commitment after its maiden investment in South Australian-based solar and battery development platform YES Group last year.
ASIF committed $70 million to acquire an equity stake in Yates Electrical Services (YES) Group as well as fund the development of a portfolio of predominantly small-scale PV generation and battery energy storage projects throughout regional Australia.
According to Patrizia, the portfolio will have the potential to deliver more than 150 MW of capacity once fully operational.
Patrizia said the ASIF initiative is aiming for assets under management of up to USD 1 billion.
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