PETALING JAYA: Ditrolic Energy Holdings Sdn Bhd has entered into an agreement with global asset manager BlackRock’s Climate Finance Partnership (CFP), its flagship public-private finance vehicle, to back the Malaysian company’s expansion to build commercial and industrial (C&I) and utility-scale solar assets throughout emerging markets in the Asia-Pacific.
Founded in 2009, Ditrolic Energy is one of the largest renewable energy developers in Malaysia and Southeast Asia and runs a fully integrated value chain from project development, financing, engineering and construction through to operations and maintenance and asset management.
Ditrolic Energy is operating, constructing more than 450MW of solar assets in Malaysia, other Southeast Asian countries, Bangladesh and China. With CFP’s partnership, Ditrolic Energy takes the position as one of the leading pure-play energy transition companies in the country.
CFP is a unique partnership among BlackRock and the governments of France, Germany and Japan through their respective development finance institutions, as well as leading US impact organisations. CFP brings together public, private and philanthropic sectors to mobilise significant blended capital into climate infrastructure, targeting investment in non-Organisation for Economic Cooperation and Development countries across Asia, Latin America and Africa.
With the partnership, Ditrolic Energy intends to make Malaysia its investment hub to actively invest into key energy transition projects around its approved markets in the Asia-Pacific region including Malaysia’s National Energy Transition Roadmap whereby Ditrolic Energy plans to mobilise significant amounts of capital private investment with the aim to accelerate and reduce the associated cost of energy transition for the country.
Ditrolic Energy founder and group CEO Tham Chee Aun said: “We are committed to playing a key role in Asia’s energy transition. We are grateful for BlackRock’s support, because the investment in Ditrolic Energy enables us to rapidly increase scale and maximise value to support transition to low carbon economies throughout multiple markets. With the capital raised and private investment to be mobilised, Ditrolic Energy would be in a prime position to undertake key energy transition projects in Malaysia and other Southeast Asia countries.”
Valerie Speth, BlackRock’s Apac co-head of climate infrastructure, said: “Ditrolic Energy holds a proven solar development track record in this diverse region. Our partnership presents an attractive opportunity to mobilise more capital into climate infrastructure in emerging markets and accelerate national ambitions to achieve net zero economies.”
The partnership secured US$673 million (RM3.18 billion) in commitments from a global consortium of investors including governments, philanthropies, and institutional investors in an oversubscribed final fundraise, exceeding the initial target of US$500 million.
