SUM MANET
Southeast Asia’s leading wind energy developer The Blue Circle says it has been selected as the first renewable energy development company to receive support from the Seed Capital Assistance Facility (SCAF) for early stage, low carbon projects in the frontier markets of Asia.
The support budget for The Blue Circle’s frontier project development is set at $1.4 million over three years and covers projects in Vietnam, Cambodia, Indonesia and the Philippines.
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 the United Nations Environment Program (UNEP), implements SCAF’s stage II project.
“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,” the company said.
“I am very proud that The Blue Circle has been selected by the UN Environment Program for its SCAF II deployment in Asia,” said Olivier Duguet, chief executive officer of The Blue Circle.
“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 honor and achievement. “It recognizes 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 now less than 1,000MW 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 two degrees Celsius.
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