Singaporean renewable energy solutions provider WEnergy Global Pte. Ltd. and other investors have formed 52.8 million euros ($59.9 million) joint venture (JV) to fund renewable energy (RE) projects in Southeast Asia.
Other investors behind the project include consulting firm ICMG Partners Pte. Ltd. and Greenway Grid Global Pte. Ltd.
The new JV, called CleanGrid Partners Pte. Ltd., based in Singapore, will construct a portfolio of projects worth about $100 million within three to four years.
CleanGrid Partners will reproduce WEnergy’s microgrid project on the island of Palawan in the Philippines at other locations in Southeast Asia and seek to develop smart microgrids in Singapore.