The two parties have entered into a strategic cooperation to develop and operate six small-scale grid-connected photovoltaic plants in central and north east Thailand.
Under the deal, Armstrong Asset Management, via its Armstrong South East Asia Clean Energy Fund, will invest an unidentified amount of capital into Symbior Elements Pte Ltd, in return for 60% equity interest. The Symbior Solar Siam subsidiary holds both project development and operating rights to the projects, including for land ownership.
Overall, the projects include a one MW photovoltaic plant in north east Thailand, which is already said to be operational, and five plants, totalling 29 MW in the central provinces of Chachaengsao, Prachin Buri, and Nakan Sawan, said to be in the late stages of development.
Neither party could be immediately contacted for more project or financial details.
The Armstrong South East Asia Clean Energy Fund, established by Armstrong Asset Management in 2012, aims to raise US$150 million in capital by this August. It has already secured $65 million from European development institutions GEEREF and DEG, and an unidentified Asian corporation.
"The 10-year Armstrong fund is investing in small-scale renewable energy and resource efficiency infrastructure projects in Thailand, Philippines, Vietnam, Indonesia and other Southeast Asian emerging markets," explained the company in a statement released. "Typical projects sizes will generate power of up to 10 megawatt (MW) from renewable energy resources, such as solar, hydro and wind."
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