The Monetary Authority of Singapore said on Monday the Green Investments Partnership, a blended finance fund under its Financing Asia’s Transition Partnership initiative, has achieved a first close with $510 million in committed capital to boost green infrastructure in Southeast and South Asia.
According to a press statement, investors include MAS, the Australian government via Export Finance Australia, International Finance Corp., the Dutch development bank FMO, and HSBC.
The other investors were Temasek, British International Investment, Bank of the Philippine Islands and Allied Climate Partners. The European Commission is also supporting the fund under its Global Gateway program.
Focus on Sustainable Infrastructure
The capital will be deployed into renewable energy and storage, electric vehicle infrastructure, sustainable transport, and water and waste management, among other sectors critical to Asia’s energy transition, MAS said.
Pentagreen Capital, a sustainable infrastructure debt financing platform set up by HSBC and Temasek, will manage the fund.
Launched in 2023, FAST-P was created to channel public, private and philanthropic capital toward Asia’s green transition. GIP is the first fund under the initiative to reach a first close.
FAST-P is designed to address the region’s climate finance gap by using blended and tiered capital structures to attract investors to projects traditionally seen as too risky.
It will target marginally bankable climate-related infrastructure, particularly in the project development and construction phases.
MAS, FAST-P Welcome Milestone
“The first close of the Green Investments Partnership is an important milestone for FAST-P,” said Gillian Tan, assistant managing director and chief sustainability officer at MAS. “Pentagreen has brought together a diverse group of partners to de-risk and finance marginally bankable green infrastructure projects in the region.”
Munib Madni, CEO of the FAST-P Office, said the milestone reflects the commitment of investors and partners. “The FAST-P Office looks forward to continuing the work with Pentagreen, our partners in other pillars, and the broader ecosystem of commercial and concessional investors, to promote blended finance solutions for sustainable infrastructure in the region,” he said.
