Mandiri Investment Management has entered into a co-investment arrangement with Armstrong Asset Management to collaborate on renewable energy projects in Indonesia.
The partnership strives to contribute for the development of renewable and clean energy sector, as Indonesia has a clear need for a more environmentally friendly way to power its growth, says Pak Muhammad Hanif, CEO of Mandiri Investasi.
The collaboration will initially focus on the emerging hydro electric power sector in Indonesia, especially the mini hydro electric power plants.
Armstrong Asset Management is a Singapore-based private equity fund that invests in small-scale renewable energy and resource efficiency projects in Southeast Asia.
In November 2013, Armstrong Asset Management closed a Clean Energy fund dedicated to the emerging markets of Southeast Asia with US$164 million of total commitments.
Mandiri Investment Management, a subsidiary of Indonesian parent company Mandiri Investasi, is a Singapore-based fund management firm that provides Indonesian focused investment funds to accredited investors.
Michael McNeill, co-founder of Armstrong Asset Management, said that the partnership can mobilize private capital to catalyze the development of the renewable energy sector in Indonesia. “We can help to make a positive contribution towards meeting the energy needs of the Indonesian economy on a long-term sustainable basis.”