The Emerging Africa and Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, and Ninety One’s EMTD strategy, have announced an agreement to back Verdant Energy to acquire the pioneering 16 megawatt wind and 6 megawatt/megawatt hours (MW/MWh) storage power project of Philippines Hybrid Energy Systems Inc (PHESI) in the Philippines.
The project – backed by a $30 million bridge-loan acquisition financing from EAAIF and Ninety One’s EMTD strategy – provides immediate and stable cash flow to support Verdant, a prominent renewable-energy developer, in expanding its operations into the Philippines’ renewable energy sector. Verdan’s local partner, Raslag, a publicly listed Philippine renewable-energy company with a longstanding presence in the country’s energy sector, will co-invest with Verdant in the Project.
The operational PHESI storage-power project is located in the municipality of Puerto Galera,
