The Asia Infrastructure Investment Bank (AIIB) has earmarked $50 million for the SUSI Asia Energy Transition Fund (SAETF), which invests in renewable energy, energy storage and microgrid projects throughout Asia, according to a document for the project, dated Nov. 12.
The fund is targeting $250 million and is expected to hold a first close in first quarter 2020, with a final close up to 18 months after.
The fund will mobilize capital to save energy, install renewable generation capacity and reduce greenhouse gas emissions, in addition to other expected results.
Beijing-basd AIIB said it approved fund commitments of up to $50 million and co-investments of up to $50 million in total.
The bank expects to make its first disbursement in second quarter 2020.