Image: Brookfield

Global investment firm Brookfield Asset Management has acquired Alba Renewables, a Singapore-headquartered independent power producer (IPP), marking Brookfield’s first renewable energy investment in the Philippines and Thailand.

Alba Renewables holds a 1.8GW portfolio of solar PV, wind and battery storage projects across Southeast Asia, with the majority located in the Philippines and Thailand. The company has already begun construction on its first solar project in the Philippines — a 65MWp plant in Isabela province in the north of the country.

Brookfield has simultaneously deepened its regional presence with the acquisition of a 100MW operational wind farm in central Vietnam, further advancing its expansion strategy in Southeast Asia’s fast-growing renewable energy markets.

“Southeast Asia is at the forefront of the global energy transition, with surging demand, favourable policy frameworks and a deep need not just for capital, but also experienced operators with strong track records of unlocking renewable power at scale,” said Daniel Cheng, Head of Renewable Power & Transition at Brookfield Asia Pacific.

Brookfield has recently accelerated its activities in the region. In Malaysia, the firm entered into a joint investment framework with local developer Solarvest to develop a 1.5GW portfolio of utility-scale solar and battery storage projects.

Both the Alba acquisition and the Solarvest partnership were executed through Brookfield’s Catalytic Transition Fund (CTF) — the firm’s dedicated vehicle for mobilising private capital into emerging markets to support the global net-zero transition.

Brookfield has also been expanding its broader renewables portfolio worldwide. Recent deals include the acquisition of National Grid Renewables (now rebranded as Geronimo Power) in the US, a majority stake in India’s Leap Green Energy in 2024, the takeover of French IPP Neoen, and the purchase of Duke Energy’s utility-scale renewables business in 2023.