EAAIF signs up to a USD 50 million financing facility with Ukko Renewable for development of renewable energy projects in Southeast Asia
Singapore – 29 July 2026 – The Emerging Africa & Asia Infrastructure Fund (“EAAIF”), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has signed a senior secured debt financing agreement with Ukko Renewable Pte. Ltd. (“Ukko Renewable”), the renewable energy platform of Groupe Duval in Southeast Asia, providing for financing of up to USD 50 million. The facility will enable Ukko Renewable to accelerate the development of an initial diversified pipeline of over 2 GW, within a broader pipeline of more than 3 GW of wind, solar and hydropower projects across Vietnam, the Philippines and other Southeast Asian countries, reinforcing EAAIF and Groupe Duval’s commitment to support the energy transition in high-growth Southeast Asian markets. Finergreen acted as Ukko Renewable’s exclusive financial advisor for this transaction development.
A subsidiary of Groupe Duval, Ukko Renewable is developing one of Southeast Asia’s most diversified renewable energy pipelines, spanning onshore wind, ground-mounted and rooftop solar, run-of-river hydro and pumped storage projects. Ukko Renewable has secured an initial 1.4 GW pipeline in Vietnam – with projects prioritised under Vietnam’s revised Power Development Plan (PDP8) – that scales to a broader 2.1 GW pipeline, in addition to a series of wind and hydro assets in the Philippines, which boasts a highly supportive rules-based Green Energy Auction Programme (GEAP).
EAAIF’s funding will enable Ukko Renewable to advance the initial pipeline to a “ready-to-build” state, ensuring that the projects are developed to international standards and can attract long-term commercial and institutional capital to progress construction for operations. Ukko Renewable is backed by Groupe Duval, which provided initial growth capital alongside strong corporate governance support and expertise in infrastructure delivery in emerging markets.
Once the targeted initial pipeline is successfully delivered and operational, it is estimated to avoid approximately 2.2 million tonnes of CO₂ equivalent each year and benefit over 2.8 million end-users.
This transaction marks a significant milestone in EAAIF’s commitment to climate finance in emerging markets and its expanding mandate in Asia. It crucially aligns with PIDG’s commitment to mobilise private investment and enable capital flows to deliver sustainable, low-carbon, and climate-resilient infrastructure across South and South-East Asia.
Pre-construction project development, including site identification, permitting, grid studies, environmental assessments, and early-stage engineering, remains heavily underdeveloped in Asia due to a persistent shortage of risk-tolerant private capital. By stepping in with patient, customised debt capital, EAAIF is helping to overcome developing challenges and structural barriers that restrict economic growth.
The transaction represents a major landmark in Ukko Renewable’s growth strategy and provides the financial resources key to accelerating one of the region’s most varied portfolios of renewable energy projects.
Philippe Valahu, CEO of the Private Infrastructure Development Group (PIDG), said: Supporting early-stage project development is a key pillar of PIDG’s 2023–30 strategy to accelerate a just transition to net-zero emissions across South and Southeast Asia. We believe that mobilising the investment required for Asia’s green transition demands strong partnerships between public-backed finance and leading global sponsors. Our collaboration with Groupe Duval on UKKO’s wind, solar, and hydro pipeline is a prime example of this approach, showing how EAAIF’s patient, customised debt capital can advance greenfield assets and plug infrastructure gaps where there is unmet need.
Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, the fund manager of EAAIF, said: “This transaction with Ukko Renewable underscores EAAIF’s commitment to accelerating climate finance and demonstrates the central role of targeted lending in transition markets. This supports the development of greenfield assets and creates a pathway to attract commercial and institutional investment, accelerating the clean energy transition in Vietnam and the Philippines.
Louis-Victor Duval, Chief Executive Officer of Groupe Duval, said: “This financing marks a defining milestone for Ukko Renewable and reflects Groupe Duval’s long-term ambition to become a leading player in the energy transition across Asia. Through Ukko Renewable, we are building a platform capable of developing high-quality renewable energy projects that combine technical excellence, strong local partnerships and the highest environmental and social standards. Together with EAAIF, we are creating the conditions to accelerate the delivery of an initial pipeline of more than 2 GW, within a broader pipeline of more than 3 GW, of renewable energy capacity while contributing to energy security, economic development and the decarbonisation of some of the region’s fastest-growing economies.”
Christophe Guyard, Chief Executive Officer of Ukko Renewable, said: “Partnering with EAAIF provides Ukko Renewable with the flexible, long-term credit required to scale our development pipeline at pace. EAAIF’s deep emerging markets expertise and alignment with international ESG benchmarks make them the ideal institutional partner for our regional strategy, which respects local realities, environmental and social. This facility strengthens our financial capacity, validates our team’s track record and enables us to efficiently advance our broader pipeline of over 3 GW of renewable energy assets, which will deliver crucial clean power and energy security to rapidly growing economies in Southeast Asia.”