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Singapore’s Clime Capital, SEACEF launch world’s first high-risk philanthropic fund

Clean energy
By Asia Asset Management  
July 2, 2020

Singapore fund manager Clime Capital Management and a group of global climate change foundations have launched the world’s first high-risk philanthropic fund to invest in clean energy projects across Southeast Asia.

The fund has secured an initial US$10 million from global investors and targets to have over $2.5 billion of assets when it begins investing later this year, Clime Capital and the South East Asia Clean Energy Facility (SEACEF) say in a statement on June 30.

Singapore-based SEACEF is a collaboration between international climate foundations, including Bermuda-based Sea Change Foundation International, US-based Wellspring Climate Initiative, and the UK’s High Tide Foundation.

The fund will provide early stage capital-type financing for projects to transform from traditional to clean energy such as solar and wind, and energy storage.

The statement says the fund’s launch comes at a “critical moment” when the coronavirus crisis is shrinking traditional sources of financing.

According to Clime Capital Managing Director Mason Wallick, the first 1%-2% of financing to develop clean energy projects is the toughest to find even when times are good because it carries the highest risk.

He says in the statement that “the high-risk fund can catalyse the significant funding required to turn proposals into major clean energy projects”.