• EAAIF will provide up to $50 million in senior secured debt to accelerate Ukko Renewable’s Southeast Asian project pipeline.
• The initial portfolio exceeds 2 GW across wind, solar and hydropower, within a broader pipeline of more than 3 GW.
• Once operational, the targeted projects could avoid about 2.2 million tonnes of CO₂ equivalent annually and serve more than 2.8 million end-users.

The Emerging Africa & Asia Infrastructure Fund has signed a financing agreement of up to $50 million with Ukko Renewable to advance renewable energy projects across Southeast Asia.

EAAIF, a Private Infrastructure Development Group company managed by Ninety One, will provide the senior secured debt facility. Ukko Renewable is the Southeast Asian renewable energy platform of Groupe Duval.

The financing will support an initial diversified pipeline exceeding 2 GW. Ukko Renewable’s broader portfolio includes more than 3 GW of wind, solar and hydropower projects across Vietnam, the Philippines and other Southeast Asian markets.

Finergreen acted as Ukko Renewable’s exclusive financial adviser for the transaction.

Financing early-stage renewable development

The facility is designed to move projects toward a ready-to-build stage. Funding will support development work before construction and help projects meet international technical, environmental and governance standards.

That stage remains one of the most difficult parts of renewable infrastructure financing in emerging markets.

Site identification, permits, grid studies, environmental assessments and early engineering all require capital before projects can generate revenue. Risk-tolerant financing for these activities remains limited across parts of Asia.

EAAIF aims to fill that gap with longer-term, customised debt. The structure could also improve the projects’ ability to attract commercial and institutional capital for construction.

Philippe Valahu, CEO of the Private Infrastructure Development Group (PIDG), said: “Supporting early-stage project development is a key pillar of PIDG’s 2023–30 strategy to accelerate a just transition to net-zero emissions across South and Southeast Asia. We believe that mobilising the investment required for Asia’s green transition demands strong partnerships between public-backed finance and leading global sponsors. Our collaboration with Groupe Duval on UKKO’s wind, solar, and hydro pipeline is a prime example of this approach, showing how EAAIF’s patient, customised debt capital can advance greenfield assets and plug infrastructure gaps where there is unmet need.”

Vietnam and Philippines anchor pipeline

Ukko Renewable is developing projects across several renewable technologies. These include onshore wind, ground-mounted and rooftop solar, run-of-river hydropower and pumped-storage facilities.

The company has secured an initial 1.4 GW pipeline in Vietnam. Projects within that portfolio have been prioritised under Vietnam’s revised Power Development Plan, known as PDP8.

Ukko Renewable says its Vietnam pipeline could expand to 2.1 GW. It is also developing wind and hydropower assets in the Philippines.

The Philippines has expanded renewable procurement through its Green Energy Auction Programme. The rules-based auction mechanism provides developers with a clearer route to market for new clean power capacity.

Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, the fund manager of EAAIF, said: “This transaction with Ukko Renewable underscores EAAIF’s commitment to accelerating climate finance and demonstrates the central role of targeted lending in transition markets. This supports the development of greenfield assets and creates a pathway to attract commercial and institutional investment, accelerating the clean energy transition in Vietnam and the Philippines.”

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Groupe Duval scales regional platform

Groupe Duval provided Ukko Renewable with its initial growth capital. The group also provides corporate governance support and infrastructure development expertise in emerging markets.

Louis-Victor Duval, Chief Executive Officer of Groupe Duval, said: “This financing marks a defining milestone for Ukko Renewable and reflects Groupe Duval’s long-term ambition to become a leading player in the energy transition across Asia. Through Ukko Renewable, we are building a platform capable of developing high-quality renewable energy projects that combine technical excellence, strong local partnerships and the highest environmental and social standards. Together with EAAIF, we are creating the conditions to accelerate the delivery of an initial pipeline of more than 2 GW, within a broader pipeline of more than 3 GW, of renewable energy capacity while contributing to energy security, economic development and the decarbonisation of some of the region’s fastest-growing economies.”

Christophe Guyard, Chief Executive Officer of Ukko Renewable, said: “Partnering with EAAIF provides Ukko Renewable with the flexible, long-term credit required to scale our development pipeline at pace. EAAIF’s deep emerging markets expertise and alignment with international ESG benchmarks make them the ideal institutional partner for our regional strategy, which respects local realities, environmental and social. This facility strengthens our financial capacity, validates our team’s track record and enables us to efficiently advance our broader pipeline of over 3 GW of renewable energy assets, which will deliver crucial clean power and energy security to rapidly growing economies in Southeast Asia.”

Private capital remains central to Asia transition

Once the targeted initial pipeline reaches operation, the projects could avoid around 2.2 million tonnes of CO₂ equivalent each year. They could also provide power benefits to more than 2.8 million end-users.

For investors, the facility highlights the role of development-stage finance in creating bankable renewable assets. It also reflects PIDG’s expanding focus on South and Southeast Asia.

The broader challenge is capital mobilisation. Southeast Asia’s electricity demand continues to grow alongside industrialisation and urban development. Governments must expand generation while reducing the carbon intensity of their power systems.

Financing projects before construction can therefore have an outsized impact. By absorbing development-stage risk, institutions such as EAAIF can help move renewable projects toward the point where larger pools of private capital can participate.