Energy transition finance fund hits $446m with Temasek, MAS backing

ETAF targets grid upgrades and energy transition projects across Asia. 

Singapore-headquartered Clifford Capital, a global infrastructure credit platform, said the Energy Transition Acceleration Finance Partnership (ETAF) has secured $446.3m (US$345m) in aggregate commitments. 

The amount includes the $323.4m (US$250m) first close announced by the Monetary Authority of Singapore (MAS), as well as additional commitments from a broader group of investors, including Temasek.

The first close was anchored by MAS and the Private Infrastructure Development Group, with DBS Bank as the inaugural senior debt financier.

The group has also committed capital to the mezzanine tranche.

ETAF, a blended finance fund under the Financing Asia's Transition Partnership initiative, will finance grid modernisation and energy transition infrastructure projects that displace fossil fuel-based power generation in Asia. 

It is expected to raise more capital through future closings as it expands its investor base.

“By bringing together public and private capital, ETAF is well positioned to help accelerate the development of bankable projects across the region,” said Lily Choh, group head of asset management at Clifford Capital.

$1 = US$0.77