As part of the deal, Habdank will provide a range of funding instruments to support the future plans of German ASEAN Power, which exclusively works on projects in Southeast Asia, according to an online statement.
It was our aim to find a strategic partner who could not only provide additional funding for our current and future pipeline of projects in Southeast Asia, but who could help us expand our internal capabilities from project development to become a fully integrated solar power company with first-rate EPC and O&M services, said Roland Quast, co-founder and managing director of German ASEAN Power.
The company was established last year by a team of veteran developers with experience in emerging markets such as China, India, South Korea and Thailand.
It is now developing more than 150 MW of utility-scale solar capacity in Thailand, Vietnam, Cambodia, Indonesia and the Philippines.
Southeast Asia is one of the most promising growth regions for renewable energy and solar power in particular, and this was reflected in the high volume of interest we had from potential investors in this opportunity, said Nikolai Dobrott, managing partner of Apricum, the Berlin-based advisory firm that assisted with the transaction.
German ASEAN Power has built a strong position in these relatively new markets, which enables them to benefit from the upcoming announced solar capacity additions.
Apricum believes that more than 10 GW of PV capacity will be built throughout Southeast Asia by the end of this decade.