Singapore’s Green Investments Partnership raises $655m at first close

It will fund green and sustainable infrastructure in Southeast and South Asia.

The Monetary Authority of Singapore (MAS) said the Green Investments Partnership (GIP) has raised $655m (US$510m) at its first close.

The fund, part of Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative, will finance green and sustainable infrastructure projects in Southeast and South Asia.

The investments will target renewable energy, electric vehicle infrastructure, sustainable transport, water and waste management, and other sectors critical to the region’s energy transition

Investors include MAS, the Australian Government through Export Finance Australia, International Finance Corporation, FMO, HSBC, Temasek, British International Investment, Bank of the Philippine Islands, and Allied Climate Partners. The European Commission is also supporting GIP through its Global Gateway programme.

Pentagreen Capital, established by HSBC and Temasek, will manage the fund. It will focus on providing debt financing for climate-related infrastructure projects that are considered marginally bankable — those that have traditionally struggled to attract financing due to perceived risks, particularly in the development and construction phases.

Launched in 2023, FAST-P brings together public, private and philanthropic capital to close Asia’s climate finance gap. GIP is the first FAST-P fund to reach first close.