Blog Post

Renewable Vibes > News > Renewable Energy > Ditrolic Energy has successfully secured $673m in funding to develop solar projects across the Asia Pacific region.

Ditrolic Energy has successfully secured $673m in funding to develop solar projects across the Asia Pacific region.

Malaysia-based Ditrolic Energy has secured a capital injection of $673m (RM3.18bn) to support the development of solar energy projects in the Asia-Pacific region. The funding, obtained through a partnership with a BlackRock-affiliated vehicle, will be used to advance over 1GW of solar projects in emerging markets within the region.

Ditrolic Energy, founded in 2009, manages more than 450MW of solar assets across Malaysia, South East Asia, Bangladesh, and China. The newly acquired funds will be utilized for both commercial and industrial as well as utility-scale solar assets.

The investment will enable the growth of Ditrolic’s comprehensive clean energy solution, EnerLoop, which focuses on carbon tracking, battery energy storage systems, and the sale of green electricity. BlackRock’s Climate Finance Partnership (CFP) is leading the investment initiative.

The CFP, in collaboration with the French, German, and Japanese governments, as well as leading US impact organizations, operates as a public-private finance vehicle. The fundraising effort for Ditrolic, led by the CFP, attracted a global consortium of investors, including governments, philanthropies, and institutional investors, surpassing its initial target of $500m.

Ditrolic Energy aims to achieve a capacity of more than 5GW across Malaysia, Bangladesh, Indonesia, and the Philippines. The company plans to establish Malaysia as its central investment hub, focusing on crucial energy transition projects within its approved markets in the Asia-Pacific region, including the National Energy Transition Roadmap program in Malaysia.

Tham Chee Aun, founder and group CEO of Ditrolic Energy, expressed gratitude for BlackRock’s support and emphasized the company’s commitment to playing a key role in Asia’s energy transition. He stated that the investment in Ditrolic Energy will enable the company to rapidly increase scale and maximize value, supporting the transition to low-carbon economies across multiple markets.

Valerie Speth, co-head of BlackRock climate infrastructure APAC, highlighted Ditrolic Energy’s proven track record in solar development in the region and emphasized the partnership’s potential to mobilize more capital into climate infrastructure in emerging markets and accelerate national ambitions to achieve net-zero economies.

Overall, the capital injection of $673m will bolster Ditrolic Energy’s efforts in developing solar energy projects across the Asia-Pacific region, contributing to the transition towards cleaner and more sustainable energy sources.

Leave a comment

Your email address will not be published. Required fields are marked *