RE developer Ditrolic Energy secures BlackRock’s investment to expand solar portfolio - MIDA | Malaysian Investment Development Authority
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RE developer Ditrolic Energy secures BlackRock’s investment to expand solar portfolio

RE developer Ditrolic Energy secures BlackRock’s investment to expand solar portfolio

31 Jan 2024

Renewable energy (RE) developer Ditrolic Energy Holdings Sdn Bhd has inked an agreement with global asset management company BlackRock’s Climate Finance Partnership (CFP) to support the company’s expansion in developing commercial and industrial as well as utility-scale solar assets throughout emerging markets in Asia Pacific.

The collaboration aims to facilitate the realisation of Ditrolic Energy’s targeted 1GW+ pipeline of solar projects, raising the company’s targeted total capacity to 5GW+ pipeline of solar projects in Malaysia, Bangladesh, Indonesia and the Philippines.

In addition, the partnership includes investment and expansion of Ditrolic Energy’s flagship 360° Clean Energy Solution, EnerLoop as well as integration of technologies such as Carbon Tracking, Battery Energy Storage System, and Green Electricity Sales.

“With this new partnership, Ditrolic Energy intends to make Malaysia its investment hub to actively invest into key energy transition projects around its approved markets in the Asia Pacific region including Malaysia’s National Energy Transition Roadmap (NETR) programme where Ditrolic Energy plans to mobilise significant amounts of capital private investment with the aim to accelerate and reduce the associated cost of energy transition for the country,” said Ditrolic Energy in a statement.

BlackRock’s Climate Finance Partnership secured US$673 million (RM3.1 billion) in commitments from a global consortium of investors including governments, philanthropies, and institutional investors in an oversubscribed final fundraise, exceeding the initial target of US$500 million. BlackRock currently manages over US$50 billion of infrastructure client AUM, comprised of infrastructure equity, debt and solutions, and has grown both organically and inorganically since inception in 2011.

Founded in 2009, Ditrolic Energy is one of the largest renewable energy developers in Malaysia and Southeast Asia, running a fully-integrated value chain from project development, financing, engineering and construction through to operations and maintenance (O&M) and asset management.

To date, Ditrolic Energy is operating, constructing more than 450MW of solar assets in Malaysia, other Southeast Asia countries, Bangladesh and China.

Ditrolic Energy founder and group CEO Tham Chee Aun said the company is committed to playing a key role in Asia’s energy transition.

“We are grateful for BlackRock’s support, because the investment in Ditrolic Energy enables us to rapidly increase scale and maximise value to support transition to low carbon economies throughout multiple markets.

“With the capital raised and private investment to be mobilised, Ditrolic Energy would be in a prime position to undertake key energy transition projects in Malaysia and other Southeast Asia countries,” he added.

Source: The Edge Malaysia