About This Fund
Southeast Asia Clean Energy Fund II, L.P. (SEACEF II) is a blended-finance private equity fund managed by Clime Capital Management Pte. Ltd., a Singapore-registered investment manager licensed with the Monetary Authority of Singapore. The fund held its first close in January 2024 at US$127 million and reached its hard cap of US$175 million at final close in March 2025, making it one of the largest dedicated blended-finance vehicles focused on early-stage clean energy in Southeast Asia. SEACEF II is structured as a limited partnership domiciled in Singapore, with a tiered capital architecture combining junior first-loss equity from philanthropic and government-backed institutions with senior equity from development finance institutions and impact-oriented investors. Limited partners span thirteen organisations across six countries, including the International Finance Corporation, British International Investment, FMO, Norfund, Swedfund, Proparco, the Asian Development Bank, the Global Energy Alliance for People and Planet, Allied Climate Partners as anchor LP, Australian Development Investments, the Cisco Foundation, ImpactAssets, and the Sall Family Foundation.
SEACEF II deploys early-stage and growth-stage equity capital to companies accelerating Southeast Asia's low-carbon energy transition, targeting investments across utility-scale solar and wind generation, energy storage, commercial and industrial rooftop solar, energy efficiency services, electric mobility, and electrical grid management. The fund's primary geographies are Indonesia, Vietnam, and the Philippines — three markets that together represent a large share of the region's fossil-fuel dependency, where Southeast Asia's energy mix remains approximately 83% reliant on fossil fuels. SEACEF II explicitly targets the project development financing gap — the phase where technology risk, regulatory uncertainty, and small deal sizes deter conventional infrastructure capital — and uses its blended structure to absorb first-loss risk, thereby crowding in senior DFI and institutional capital that would otherwise not participate. The fund excludes hydropower, coal, and upstream oil and gas investments and projects facilitating the development of approximately 3–4 GW of clean energy capacity over its lifecycle.
SEACEF II's predecessor SEACEF I completed twelve investments across Indonesia, Vietnam, and the Philippines, building a track record across distributed solar (Xurya Daya Indonesia), wind (Real Wind Energy Inc., Levanta Renewables), floating solar (Blueleaf Energy), electric mobility (Oyika), energy efficiency (Synergy Efficiency Solutions), and grid services (Skye Renewables, EBOOST). Under SEACEF II, Clime Capital completed seven investments by the March 2025 final close, deploying approximately US$35 million across five investments by end of 2024. Confirmed SEACEF II investments include a US$6 million commitment to Mober (Philippines-based EV logistics, June 2024), a US$10 million commitment to Nami Distributed Energy (Vietnam-based rooftop solar for commercial and industrial clients, July 2024), and an investment in Stride (Vietnam-based consumer rooftop solar financing). The fund carries an Environmental and Social Category FI-1 (Significant) designation per IFC classification.