Private equity firm Armstrong Asset Management has signed a solar project development agreement with Thai energy developer Symbior Solar Siam.
Under the agreement, Armstrong will develop six small-scale solar projects totaling a capacity of 30MW in central and north east Thailand in partnership with Symbior.
Further, it will acquire 60% stake in the projects by making an investment in Symbior’s parent firm Symbior Elements that will hold the development and operating rights for the solar projects.
The six projects comprise an operational 1MW solar PV plant in North East Thailand and five solar PV plants in late-stage development in the central provinces of Chachaengsao, Prachin Buri, and Nakan Sawan.
Commenting on the alliance, Armstrong Asset Management managing partner Andrew Affleck stated: “We look forward to building on our excellent working relationship with the Symbior team whose established local operations and international experience in project development, engineering, and clean energy financing provides a strong platform for growth.”
Meanwhile, Armstrong has released 10-year fund to further renewable energy and resource efficiency infrastructure projects in Thailand, Philippines, Vietnam, Indonesia and other Southeast Asian emerging markets.