King & Wood Mallesons (KWM) is pleased to advise SUSI Partners as lead counsel on the final closing of the SUSI Asia Energy Transition Fund (“SAETF”) which closed on 31 May 2023.
SAETF targets sustainable energy infrastructure investments across clean power generation, energy efficiency, and solutions enabling clean energy use such as energy storage and microgrids. Its South-east Asia geographical focus includes Thailand, Vietnam, the Philippines, Malaysia, Cambodia and Laos. The Fund will contribute to global climate mitigation goals and the Paris Agreement by financing clean energy solutions, increasing the supply of reliable and affordable electricity for businesses and consumers, and enabling access to clean energy solutions in underserved areas.
Founded in 2009, SUSI Partners is a Swiss headquartered infrastructure investment firm specialising in sustainable energy infrastructure investments.
SAETF has received capital commitments from development banks, DFIs, and private investors. Speaking at the first closing in May 2021, Marius Dorfmeister, Co-CEO and Global Head of Clients at SUSI Partners said: “By bringing together public and private investors, we are combining best practices to accelerate the buildout of sustainable energy infrastructure in a region that will be a crucial factor in achieving global climate targets.”
SAEFT has made four investments to date. A joint venture with Singapore-based Entoria Energy to build a portfolio of rooftop solar photovoltaic (PV) assets; a joint venture with Malaysia’s InvestEnergy to finance and operate energy-saving infrastructure projects across Southeast Asia; a venture with Singapore-based Pacific Impact to launch a platform for developing utility-scale renewable energy assets in Indonesia, Vietnam, the Philippines, Cambodia and elsewhere in the region; and an investment in Asia Clean Capital Vietnam, to support the deployment of on-site solar PV projects for commercial and industrial customers in Vietnam.
The KWM team, led by international funds partner Guo Sun Lee, with support from Justine Sinn, Zeny Chow, Elise Sum, and Andrew Watson acted as SUSI Partners’ lead counsel on all four closings of SAETF, and was responsible for preparing, negotiating, and finalising all the transaction documents, including the limited partnership agreement, subscription agreements, and side letters for each investor. Given the investment mandate of the fund and the category of investors admitted to the fund, in particular the development finance institutions, environmental, social and governance compliance and reporting were a key consideration for the KWM team.
Guo Sun Lee said: “We are very proud to work with SUSI Partners and their mission to create a sustainable future. SAETF will bring meaningful development of renewable energy capacity in the region.”
As the only international law firm headquartered in Asia, KWM offers unique insight and expertise in the world’s fastest growing economies. KWM delivers outstanding legal services, with over 640 partners and 3000 lawyers in 31 offices around the world.
*Any reference to "Hong Kong" shall be construed as a reference to the "Hong Kong Special Administrative Region of the People's Republic of China".
