NEW Wave Strategic Holdings, Inc. (New Wave) said it had partnered with Emissary Capital Partners Sdn. Bhd. for a proposed investment of $50 million to develop the country’s renewable energy sector.
“It is important that the Philippines develops a more mature eco-system with capital providers across various stages of the investment cycle. With Emissary’s entry into the Philippines, we are providing more founders and entrepreneurs access to growth capital as well as a regional network that can help them expand across SEA,” Enrique Y. Gonzalez, director of New Wave, said in a media release.
The proposal involves a plan to invest in the country’s renewable energy sector to generate 1,000 megawatts (MW) of bankable capacity, New Wave said.
New Wave is a subsidiary of investment holding firm IP E-Game Ventures, Inc. while Emissary Capital is an investment firm focusing on Southeast Asia.
The parties said their proposal aims to fund companies in the renewable energy sector, electric vehicle industry, clean energy, and smart grids, while also identifying solar and wind farms in North Luzon as their immediate focus.
“Our value proposition is more than capital. We help businesses scale within the Philippines and can open up regional Southeast Asia access,” Mr. Gonzales said.
The entities said raising capital for renewable energy projects had been a challenge in the energy sector’s growth.
“Equipping developers with an additional war chest with value-added involvement in pre-development work will translate to attractive returns for the funds,” it said.
The parties also expect the installation of about 1,000 MW to help spur more foreign direct investment into the country and support the construction and operation of renewable energy projects.
“Clean energy is both a local and regional commitment amongst ASEAN neighbors. We believe cross-border investment and trade will ultimately benefit the entire region and help ASEAN meet its collective goals. We hope our fund can contribute to this goal as well as generate healthy returns,” said Erman Akinci, a partner at Emissary Capital.
New Wave and Emissary Capital expect their partnership to help advance the government’s target of increasing the share of renewable energy in the country’s power mix.
The government is aiming to increase renewables’ share to 35% by 2030 and 50% by 2040. As of end-2022, renewables accounted for 22% of the Philippine energy mix. — Ashley Erika O. Jose
New Wave, Malaysian firm allot $50M for renewables
Source: Bantay Radio
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