Climate Investor One (“CI One”) has made an investment in a portfolio of rooftop solar power projects in Vietnam and Indonesia (the “Projects”), which are being developed by Shire Oak Asia Green Pte. Ltd. (“Shire Oak” or “the Company”). Shire Oak is a Singapore-based entity with an on-the-ground management team in Vietnam and Indonesia, and a track record of pioneering wind and solar developments in Europe.
Our Development Partner
Shire Oak Asia Green Pte. Ltd.
Development Funding Approved
Approved CEF Equity Funding
Estimated Project Impact
110 MW additional capacity
175 GWh/year clean electricity
81,180 tCO2eq/year emissions avoided
up to 457 construction jobs
146,301 people reached
The CI1 investment will be used to finance the construction of the Projects which will support the governments’ ambition of reducing reliance on fossil fuels through promoting efficient exploitation of renewable energy sources and increasing their proportion in energy production and consumption.
In order to achieve this goal, Vietnam and Indonesia have identified improving financial mechanisms and mobilising capital in investments in and development of the renewable power sector. To reach these goals, the governments will need to take measures to encourage independent power producers into the market with new sources of funding to finance the country’s transition.
Vietnam & Indonesia
Environmental & Social Category
The environmental and social risk (“E&S”) of the Projects has been classified as category B (in accordance with CIO’s risk categorisation), which is equivalent to International Finance Corporation (IFC) Category B. Given the nature of the investment, which comprises rooftop solar installations on existing C&I buildings in urban areas, potential impacts will be minimal, site-specific, and readily managed/mitigated. The main E&S impacts and risks relate to health, safety and labour in the Southeast Asia construction sector, particularly when contracting labour through third parties, and also exposure to reputational risks of client facilities. Key environmental aspects to consider in the ongoing management of the portfolio includes use of water and disposal of waste, including end-of-life solar panels.
Here you can find and download all the relevant disclosure documents for this project: