Ukko Renewable ready to implement long-term ambition to become a leading player in the energy transition across Asia The Emerging Africa and Asia Infrastructure Fund signed a senior secured debt financing agreement providing up to 50 million dollars to Ukko Renewable. The facility supports the development of renewable energy projects across Vietnam, the Philippines, and other Southeast Asian countries, advancing an initial pipeline exceeding two gigawatts within a broader prospective portfolio of more than three gigawatts that encompasses onshore wind, solar, and hydro installations. CleanTechnica got wind of the story after the ASEAN Clean Energy Forum earlier last July. Ukko Renewable operates as the renewable energy platform of Groupe Duval in Southeast Asia. Louis-Victor Duval, chief executive officer of Groupe Duval, said the financing marks a defining milestone for Ukko Renewable and reflects the company’s long-term ambition to become a leading player in the energy transition across Asia. “Through Ukko Renewable, we are building a platform capable of developing high-quality renewable energy projects that combine technical excellence, strong local partnerships and the highest environmental and social standards,” Duval said. Addressing early stage development gaps Early stage project development in Southeast Asia frequently faces financing bottlenecks due to a persistent shortage of risk tolerant private capital for pre-construction activities such as site identification, grid studies, and early engineering. Philippe Valahu, chief executive officer of the Private Infrastructure Development Group, emphasized that supporting early stage project development is a key pillar of the organizational strategy through 2030 to accelerate a just transition to net zero emissions across South and Southeast Asia. “We believe that mobilising the investment required for Asia’s green transition demands strong partnerships between public-backed finance and leading global sponsors,” Valahu said. In Vietnam, Ukko Renewable has secured an initial 1.4 gigawatt pipeline prioritized under the country’s updated Power Development Plan Eight, while expanding wind and hydro assets in the Philippines under the national Green Energy Auction Program. Christophe Guyard, chief executive officer of Ukko Renewable, stated that partnering with the fund provides the flexible, long-term credit required to scale the development pipeline at pace. “EAAIF’s deep emerging markets expertise and alignment with international ESG benchmarks make them the ideal institutional partner for our regional strategy,” Guyard added. Financial structure and environmental impact The debt capital provided by the fund aims to bring these greenfield assets to a ready-to-build state, enabling the platform to meet international standards and attract long-term commercial investment. Martijn Proos, co-head of emerging market alternative credit at fund manager Ninety One, noted that the transaction with Ukko Renewable underscores the fund’s commitment to accelerating climate finance and demonstrates the central role of targeted lending in transition markets. “This supports the development of greenfield assets and creates a pathway to attract commercial and institutional investment, accelerating the clean energy transition in Vietnam and the Philippines,” Proos said. Once fully operational, the targeted initial pipeline is projected to offset roughly 2.2 million metric tons of carbon dioxide equivalent annually while supplying power to more than 2.8 million end users. Advisory firm Finergreen acted as exclusive financial advisor to Ukko Renewable for the transaction.