32754 - Armstrong South East Asia Clean Energy Fund, L.P.

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Summary of Investment Information

Project Number

32754

Company Name

ARMSTRONG SOUTH EAST ASIA CLEAN ENERGY FUND LP

Date SPI Disclosed

Nov 21, 2012

Country

East Asia and Pacific Region

Region

East Asia and the Pacific

Projected Board Date

Dec 21, 2012

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Dec 7, 2024

Department

Equity Portfolio Management

Industry

Infrastructure

Previous Events

Approved : Feb 19, 2013
Signed : May 14, 2013
Invested : Jul 9, 2013

Sector

Private Equity/Venture Cap Fund - Regional

Project Description

IFC is proposing an equity investment of up to US$20 million in Armstrong South East Asia Clean Energy Fund, L.P. (Armstrong Fund or the Fund), a 10-year closed-end private equity fund focusing on climate businesses targeting US$150 million of commitments. The Fund conducted its initial closing in August 2012 with US$65 million in commitments from institutional and corporate investors.

The Armstrong Fund intends to make approximately 10 equity and equity-like investments in South East Asia in the range of US$5 million and US$20 million. The Fund will target businesses that develop, construct, own and operate renewable energy generation and resource efficiency projects. Initially the Fund intends to particularly target opportunities in the solar-energy market in Thailand and the small-scale hydro-electric power market in Indonesia.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

Development Impact

IFC's investment in the Fund is expected to have the following development impact:
(i) The Fund will support the mitigation of climate change through reduced GHG emissions per unit of energy produced by their investee companies relative to conventional energy sources;
(ii) The Fund will catalyze the role and growth of the private sector in the South East Asian Power markets by investing in small-scale Independent Power Producers (IPPs). It will help provide access to power to the broader population in the target countries;
(iii) The Fund will help its investees grow sustainably and create jobs directly and indirectly.

(i) IFC's investment is expected to demonstrate its confidence in the Fund, thereby help catalyze further commitments from other investors;
(ii) Through its participation in the Fund, IFC will provide guidance for the adoption and implementation of IFC Performance Standards by the Manager;
(iii) IFC would be able to co-invest and provide both debt and equity financing to the Fund's investee companies.

E&S Category Rationale / Risks and Mitigation

The project is categorized as FI:2 (medium risk) according to IFC's Environmental and Social review procedure. A review of the Fund's pipeline and investment themes indicate that the fund will prioritize investments in small, community renewable energy generation such as solar and hydro of less than 10MW per project, wind, all of which are likely to entail limited adverse E&S risk and impacts that are few in number, generally site-specific, largely reversible and can be readily addressed through mitigation measures. The Fund Manager will not invest in any projects it categorizes as category A using IFC's system of categorization. The Fund Manager will be required to conduct an E&S due diligence and monitor the target investments against the IFC Exclusion List, applicable host country E&S laws and regulations, and PSs.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2022.

Investee	Country of Investment	Sector
GEC	Vietnam	Renewable Energy Holding Companies

Key issues associated with this investment relate primarily to the E&S risks of the potential investments, and the capacity and systems in place to manage these risks. This is a first time Fund which has already developed an Environmental and Social Management System (ESMS) outlining the procedures, responsibilities and tools for undertaking E&S risk management of its investment activities per the E&S laws and regulations of the sub-project's country and the Performance Standards. The Fund Manager has nominated a SEMS Officer, and the team has benefited from technical assistance from an international consultant to develop the SEMS and train the staff in its implementation.

Task Title & Description	Actual Due Date	Status	Comments	Completion Date
Staff Training		Completed	Sabine attended the IFC PS training in Bangkok.	05/20/2015

Contacts

For Inquiries About the Project, Contact

Mr. Andrew Affleck, Managing Partner
Armstrong Asset Management
30 Raffles Place
#10-04 Chevron House
Singapore 048622

Telephone: +65 6536 3100
Email: mailto:andrew.affleck@armstrongam.com
Website: http://www.armstrongam.com

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Local Access of Project Documentation

Armstrong Asset Management
30 Raffles Place
#10-04 Chevron House
Singapore 048622
Telephone: +65 6536 3100

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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