The Hague, Netherlands

Climate Fund Managers, the fund manager to Climate Investor One (CI1) is pleased to announce the signing of a development agreement with Sindicatum Renewable Energy Company, a Singapore based developer, owner and operator of renewable energy projects. Together, Sindicatum and Climate Investor One will develop a 25MWp fixed ground-mounted Solar PV renewable energy project in the Philippines. The project located approximately 100km north of Manila is part of the Clark Green City; a redevelopment of the former Clark United States Air Force Base. The Sindicatum and CI1 project is the first phase of what is expected to become a 100MWp solar farm under development by Sindicatum.

The Philippines currently experiences some of the highest electricity costs in Asia due to its heavy dependence on fuel oils, making the project an important addition to efforts to decrease financial burden on Filipino citizens while enhancing their health.  The project will serve around 50,000 people and avoid greenhouse gas emissions of approximately 17,000 tCO­2 per annum and contribute to the government of the Philippines’ renewable energy targets of 50% of total installed capacity by 2030.

About the signing, CEO Andrew Johnstone said, “This transaction is CI1’s first commitment to Asia and we are very pleased to be in association with Sindicatum with this step.  The project evidences CI1’s objective of delivering a positive climate outcome over the long-term whist improving people’s lives in the short term. CI1 is positioned to mobilise more capital into this region in the near future and we look forward to a lasting and rewarding relationship with Sindicatum.”

Robert Driscoll, President of Sindicatum, said, “We are delighted with our partnership with CI1 who bring an innovative approach to infrastructure financing designed to accelerate the delivery of renewable energy projects in emerging markets. This project is another step forward in our commitment to fighting climate change through building Asia’s renewable energy infrastructure; to backing the Philippines’ clean energy development, especially solar and wind power; and to enhancing the well-being of the Filipino people.”

About Climate Investor One.

Climate Investor One is an innovative approach to infrastructure financing designed to accelerate the delivery of renewable energy projects in emerging markets. Born out of The Global Innovation Lab for Climate Finance – a global initiative that supports the identification and piloting of cutting-edge climate finance instruments – Climate Investor One aims to help fast-track renewable energy projects in developing countries, mobilizing an estimated $1bn in finance, and reducing 1.5 million tonnes of CO­2 per annum. Climate Investor One combines three investment funds into one facility to finance renewable energy projects at specific stages of the project lifecycle. At an early project stage, Climate Investor One provides financial, technical, environmental, social development and structuring support through a Development Fund. Climate Investor One then reduces the complexity associated with multi-party negotiations by equity financing a large part of construction through a Construction Equity Fund. Once the project is operational, Climate Investor One mobilises long-term debt financing through a Refinancing Fund with the objective of optimising the financing over the operational life of the project.

About Sindicatum.

Sindicatum Renewable Energy Company Pte. Ltd (Singapore) (“SREC”) is a growth-oriented infrastructure company that owns, operates, develops and acquires contracted clean power generation facilities in the high-growth emerging markets of South and Southeast Asia.  We focus on developing and operating distributed generation facilities that can best provide long-term stable earnings and cash flows by meeting the needs of our utility and commercial customers who typically purchase power from us under long-term power purchase agreements.  We currently own, operate and are developing solar, wind, bagasse co-generation and waste-to-energy projects in the Philippines, Thailand, Indonesia and India with a total net capacity of approximately 1,000 MW.  The proven power generation technologies we employ and our management team’s demonstrated expertise operating these types of facilities support the stability of our earnings and cash flows.  Our projects are located in India, Indonesia, the Philippines and Thailand, which are all markets that are projected to experience fundamental energy demand growth and strong expansion of clean power generation capacity without overreliance on government subsidies.