The Blue Circle enters into partnership with Armstrong Asset Management

The Blue Circle, a vertically integrated renewable energy developer operating in the Mekong Region (Vietnam, Thailand and Cambodia), announced the signing of a partnership with Armstrong Asset Management on May 15th 2014.

Armstrong Asset Management, based in Singapore, is the largest renewable private equity investor of Southeast Asia, managing US$164 million for institutions like International Finance Corp. (part of the World Bank Group), as well as European development banks like Proparco (part of French AFD), DEG, GEEREF and FMO (Netherlands development Finance Company) besides private equity investors. Armstrong team brings across sectors investment experience and an unmatched Southeast Asia operating experience.

Under the partnership, Armstrong Asset Management has agreed to commit up to US$40 million in equity to fund the construction of wind and solar projects in Southeast Asia developed or acquired by The Blue Circle. Andrew Affleck, Managing Partner of Armstrong Asset Management, said he is excited by the opportunity: ”Over the last 15 years, Olivier has achieved a successful track record in Europe. With Armstrong’s local experience and established regional network, we aim to replicate that success here in Southeast Asia together with The Blue Circle.”

Currently, the Company has a pipeline of over 600 MW of renewable energy projects under evaluation, development or negotiation in the Mekong Region. “Having as shareholder and partner an institutional investor like Armstrong, with their extensive experience in Southeast Asia and specialization in renewable energy alongside with the world established infrastructure financers relationship they are bringing, will certainly accelerate the growth of The Blue Circle portfolio and strengthen our financing capability” said Olivier Duguet, on the announcement of the new funding partnership.

Alongside Armstrong taking a minority stake in The Blue Circle, the agreement between the two Singapore based companies means that The Blue Circle will also benefit from Seed Capital Assistance Facility (SCAF) funding ( An initiative by UNEP, ADB and GEF, SCAF is designed to help project developers overcome some of the challenges of Greenfield project development, such as high due diligences or transaction costs.

About Armstrong Asset Management

Armstrong Asset Management is an independent asset manager, based in Singapore, focused on the clean energy sector in Southeast Asia’s emerging markets. Armstrong invests in small-scale infrastructure projects and achieved a final close on its debut clean energy fund of US$164m in November 2013. Operating with a multidisciplinary team of investment professionals, all of whom possess deep sector knowledge and a collective 80 years of Southeast Asia operating experience, Armstrong Asset Management integrates strict environmental, social and governance compliance into its investment process to deliver tangible benefits and reduce risks for all of its stakeholders.

About The Blue Circle

The Blue Circle focuses on developing wind and solar energy projects in Thailand, Vietnam and Cambodia. The Singapore based company looks to bridge the gap in project development in the Mekong Region by bringing international project development experience, financial expertise and capabilities together with local market understanding. Its growth strategy is twofold: through the development of its own projects and through acquisition or partnership with local developers. By being vertically integrated, The Blue Circle can identify greenfield sites, pursue project development milestones up until financing and operating of the generating assets.

For further information, please contact:
The Blue Circle
Olivier Duguet Tel: +65 62594921

Armstrong Asset Management
Andrew Affleck Tel: +65 66229790

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