Infrastructure investor Infratil says support for letters of credit (L/Cs) features in its commitment of US$233 million to establish Gurīn Energy, a renewable energy development platform headquartered in Singapore which will focus on greenfield renewable projects across Asia.

This is the fourth such platform established worldwide by the New Zealand based investment firm which says Asia presents a significant opportunity for it to enter markets which are following a 'transition to renewables' roadmap similar to those already established in Europe and North America.

Support for L/Cs

Infratil has committed US$233 million to develop the platform, of which US$100 million is in the form of support for L/Cs to be provided by third party financiers for projects.

The business is owned by Infratil in partnership with Gurīn Energy's management team.

Investment plans

Gurīn Energy will invest in the development of wind and solar energy projects and storage solutions across Asia, including Southeast Asia, North Asia and India.

It says it is rapidly progressing an initial pipeline of projects of 500 megawatts at various stages of development in the Philippines, Vietnam, Thailand, Indonesia and Japan.

Infratil was one of the world's first listed infrastructure funds when it was established and listed on the New Zealand Exchange in 1994.

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