Malaysia-based Ditrolic Energy has secured a capital injection of $673m (RM3.18bn) to bolster the development of solar energy projects across Asia-Pacific.
The funding, secured under a partnership with a BlackRock-affiliated vehicle, is set to advance more than 1GW of solar projects in emerging markets within the region.
The Malaysian clean energy solutions provider, established in 2009, manages more than 450MW of solar assets across Malaysia, South East Asia, Bangladesh and China.
The newly acquired funds will be channelled into both commercial and industrial and utility-scale solar assets.
The investment will facilitate the growth of Ditrolic's comprehensive clean energy solution, EnerLoop. This technology focuses on carbon tracking, battery energy storage systems and the sale of green electricity.
BlackRock's Climate Finance Partnership (CFP) is at the forefront of the investment.
The CFP operates as a public-private finance vehicle in collaboration with the French, German and Japanese governments through their development finance institutions, and with leading US impact organisations.
The fundraising initiative led by CFP for Ditrolic attracted a global consortium of investors including governments, philanthropies and institutional investors and exceeded its initial $500m target.
Ditrolic Energy has set a target of more than 5GW capacity across Malaysia, Bangladesh, Indonesia and the Philippines.
Ditrolic Energy plans to establish Malaysia as its central investment hub, focusing on pivotal energy transition projects within its approved markets in Asia-Pacific, including the National Energy Transition Roadmap programme in Malaysia.
Ditrolic Energy founder and group CEO Tham Chee Aun said: “We are 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 South East Asia countries.”
BlackRock climate infrastructure APAC co-head Valerie Speth stated: “Ditrolic Energy holds a proven solar development track record in this diverse region. Our partnership presents an attractive opportunity to mobilise more capital into climate infrastructure in emerging markets and accelerate national ambitions to achieve net zero economies.”
