Southeast Asia’s leading wind energy developer The Blue Circle has been selected as the first renewable energy development company to receive support from the Seed Capital Assistance Facility (SCAF) phase II for early stage low carbon projects in frontier markets of Asia.
After an extensive engagement process, The Blue Circle signed in July 2016 a Cooperating Agreement with Frankfurt School of Finance and Management, which together with United Nations Environment Programme (UNEP), implements SCAF II. The support budget for The Blue Circle’s frontier project development is set at US$1.4 million over three years and covers projects in Vietnam, Cambodia, Indonesia and The Philippines.
The financial support will cover parts of The Blue Circle’s development costs to increase its project pipeline, deliver capacity building at local developer level and get seeded projects up to financial close.
“I am very proud that The Blue Circle has been selected by UN Environment Programme (UNEP) for its SCAF II deployment in Asia. It will greatly enhance our ability to reach new frontier markets as well as strengthen our existing later stage projects. Being endorsed by the United Nations is a great honour and achievement” said Olivier Duguet, Chief Executive Officer of The Blue Circle.
“It recognises our pioneering work in the technically sophisticated development of wind power sites in Southeast Asia as well as our team’s unique expertise and the strong relationships we have built with local partners”.
With currently less than 1,000 MW of total installed capacity in only three countries of the entire Southeast Asia region, wind energy has a great potential to expand the region’s energy mix and to advance the Paris Agreement’s target of keeping a global temperature rise of this century below 2 degrees Celsius.
About The Blue Circle
The Blue Circle is a developer of renewable energy projects with a focus on wind power and projects in Thailand, Vietnam, Indonesia and Cambodia.
Based in Singapore, the company works to bridge the gap in project development in Southeast Asia by bringing international project development experience and financial expertise together with local market understanding. Vertically integrated with unique regional wind engineering capabilities, The Blue Circle can identify green field sites, pursue project development milestones up until financing and operating of the generating assets.
More information on The Blue Circle: www.thebluecircle.sg
About Seed Capital Assistance Facility
As an innovative public private partnership, the Seed Capital Assistance Facility SCAP) works through private equity funds and project development companies to mobilise early-stage investment for innovative low carbon projects in developing countries of Asia and Africa. The Facility has been running since 2009 and has launched a second phase late 2015. Implemented by the UN Environment Programme (UNEP), it is managed by the Frankfurt School of Finance and Management, through its FS-UNEP Collaborating Centre for Climate and Sustainable Energy Finance.
More information on SCAF: www.scaf-energy.org
For further information, please contact:
The Blue Circle
Olivier Duguet Tel: +65 62594921 olivier.duguet@thebluecircle.sg
Sustain Ability Showcase Asia (SASA)
Ken Hickson Tel: +65 81397472 Kenhickson@sustain-ability-showcase.com
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