EAAIF and Ninety One back Verdant to acquire PHESI wind and storage project

Emerging Africa & Asia Infrastructure Fund (EAAIF) and Ninety One are jointly investing $30 million in Verdant Energy to acquire Philippines Hybrid Energy Systems Inc (PHESI), a developer of a 16MW wind farm and 6MW/MWh storage project in Mindoro Island, Philippines. This acquisition enables Verdant to expand its renewable energy footprint in the Philippines, leveraging Raslag's local expertise to enhance the island's power supply and connect it to the national grid. The project is already operational, representing a de-risked investment opportunity in a rapidly growing market. Finergreen advised on the transaction, while Private Infrastructure Development Group is also involved. The investment aligns with the Philippines' broader renewable energy goals and supports the country's transition to clean energy sources. The hybrid nature of the project, combining wind and battery storage, addresses intermittency issues associated with renewable energy generation, making it a more reliable power source. This deal demonstrates the increasing interest of international investors like EAAIF and Ninety One in the Philippines' renewable energy sector and the potential for further growth in this market.