Infratil (ASX:IFT) committed $315 million (US $233 million) to establish Gurin Energy, a renewable energy development platform based in Singapore, which focuses on greenfield renewable projects across Asia.
The electrical company noted that the Asian market presents an opportunity to enter markets which are following a ‘transition to renewables’ roadmap, including the reduction in heavy coal and imported gas dependency.
Infratil CEO Jason Boyes said, “markets across Asia are characterised by combined tailwinds of demand growth, a growing commitment at national levels to decarbonisation, an increasing desire to reduce dependency on imported fuels, and to build self-sufficiency and security of supply.”
“Together with our US, European and New Zealand platforms, our investment demonstrates our global commitment to sustainability and climate change and extends our ability to manufacture quality renewable energy assets to Asia.”
The investment marks the 4th platform Infratil has established to cover global growth of the sector.
Shares in Infratil (ASX:IFT) are trading 0.7 per cent higher at $7.29.
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