The Armstrong South East Asia Clean Energy Fund, with US$164 million in commitments, is a private equity fund that invests in utility scale renewable energy and resource efficiency projects in Southeast Asia. This strategy is driven by the high energy demand and strong market fundamentals in the region. The investment strategy is based on the key features summarised below:
The Armstrong S.E. Asia Clean Energy Fund is focused predominantly but not exclusively on the following areas of investment:
Small-scale renewable energy generation – wind, solar, hydro, biomass, waste to energy Resource efficiency – clean water supply, waste recycling, energy efficiency
South-East Asia, with focus on Indonesia, Philippines, Malaysia, Thailand and Vietnam
Green Field (Post-Permitting)
Armstrong Asset Management is an independent clean energy asset manager, committed to investing into clean energy infrastructure assets that leave a long term positive impact on society and the natural environment. We are a Singapore based firm, with an investment mandate dedicated to developing countries in Southeast Asia.
Lord Armstrong, born in England in 1810, was a pioneer of the industrial revolution, inventor of hydraulic systems that enabled heavy lifting in the manufacture of ships, bridges and railways.
At a time when the world’s leading economies had their success built on the access to coal, he foresaw that due to a finite resource availability, a transition would be required towards renewable forms of energy within two centuries. In a speech he made in 1863 as the President of the British Association for the Advancement of Science, he began advocating the use of hydroelectricity, and also supported solar power, stating that the solar energy received by 1-acre (4,000 m2) in tropical areas would "exert the amazing power of 4000 horses acting for nearly nine hours every day.”
150 years later we believe that his vision is being delivered. We see that clean energy technologies have matured to a point where they are cost competitive with fossil fuels in many markets. This is the trigger point for the widespread deployment of clean energy infrastructure, which will begin in markets where issues of energy security and reliability are uppermost and where the demand for power is growing.
Not only was Armstrong a visionary, but he was an engineer who delivered practical solutions. His country home at Cragside (Northumberland, UK) was the first house in the world to be powered by hydroelectric power. Today, Armstrong Asset Management is investing in infrastructure assets that deliver clean power to local communities and businesses, in line with a vision outlined 150 years ago by Lord Armstrong.
Andrew is the Founder and Managing Partner of Armstrong Asset Management. He was formerly the CEO of Low Carbon Investors Ltd, a dedicated global clean energy fund management group with over US$300 million under management. Prior to joining Low Carbon Investors in 2008, Andrew worked throughout Asia in various capacities. He has 25 years of asset management and investment banking experience in the region, and has specialized in renewable energy investments for the last 8 years. Andrew holds an MBA in Finance from Leicester University and a PGCert in Climate Change and Sustainable Development from De Montfort University.
Michael M. McNeill
Michael has 24 years of relevant legal and practical experience in the Energy and Infrastructure sectors 16 years of which based in Singapore working on Energy and Infrastructure projects throughout the region, including 10 years as a Partner of Baker McKenzie where he headed the Regional Energy and Infrastructure Practice Group. During his time in Asia, he has been involved in over 100 transactions in the Energy and Infrastructure (including renewables and water) sectors. Michael started his career at the largest law firm in Scotland and then worked in London from 1989 to 1995, first in the corporate commercial group at a City firm, and then as in-house counsel at Esso UK Plc. Michael has an LLB (honours) from the University of Dundee where he attended the Centre for Petroleum and Natural Resources Law. He is admitted to practice law in England and Wales.
Edward has 24 years of experience as an engineer and investment professional in the energy sector. Prior to joining Armstrong, he was an Investment Director with FE Clean Energy, a leading emerging-market clean energy fund manager which, from 2006 – 2012, invested in renewable energy assets in India, China, Brazil, Thailand, the Philippines and Singapore. Edward began his career with Alstom and Siemens where he worked on a wide variety of industrial power and cogeneration projects in the UK and Germany. In 2000, he moved to Singapore and has since specialised in the development and financing of small-scale power projects in Southeast Asia. He is a Chartered Engineer and holds a BSc Honours degree in Mechanical Engineering from the University of Dundee and an MBA from Imperial College, London.
Yasushi has 20 years of experience in water and energy sectors globally as engineer and investment professional. Prior to joining Armstrong Asset Management, he closed investments in Asia totalling USD 240 million as the Business Development Director for Asia (2004-2010) at the Dalkia Group, the energy division of Veolia Environnement, and as the Investment Director (2010-2013) at Swiss-Asia Financial Services Pte Ltd. At Dalkia, he also spearheaded business development in Asia in the field of energy efficiency and CDM. Yasushi was previously based in Paris heading the technical department of Degrémont, the water treatment division of Suez Environnement, where he supervised global technical support team for EPC and O&M businesses. He combines a strong technical background with hands-on experience in origination, development, execution and operation of energy projects in Asia. He holds a BSc and MEng degree in Urban & Environmental Engineering from the University of Tokyo and an MBA from INSEAD.
Philippe was the Chief Executive Officer of ING Group Retail and Private Banking for Asia until 2009 and has been board member and Chairman of the Executive Committee of the TMB Bank since 2008. Having subsequently worked for JP Morgan Securities as Managing Director in Tokyo, London and Hong Kong, and for the Bruxelles Lambert Bank in Brussels, Philippe joined the ING Group in 2000 and served as Chief Executive Officer of ING Baring in London before heading the ING Private Banking Unit in Amsterdam and ING Retail and Private Banking Asia in Singapore from July 2005 to November 2009. He is also a member of the Board of different asset managers based in Singapore in addition to his position at the TMB Bank in Bangkok.Philippe has a Master of Business Administration from Columbia University and an Engineering degree from Ecole Nationale de l’Aéronautique et de l’Espace in Toulouse.
Kanoklada has 28 years of experience in corporate and project finance, merger & acquisitions and private equity infrastructure investments. Prior to joining Armstrong Asset Management, she was a previously a Director and Country Head of Thailand for CapAsia where she involved in greenfield development of renewable energy projects in selected SEA countries. Also, she was a director with Babcock and Brown Limited, where she was involved in principal investments focused on infrastructure projects in Thailand. Before that, she set up and headed the Thailand representative office for Lone Star Investments Company Limited where she was involved in acquisition of non-performing loans and distressed assets. She was Managing Director for Fieldstone Private Capital Group where she was responsible for strategic and directional plans and was involved in financial advisory including M&A, debt restructuring and project financing. Kanoklada started her career at Siam Commercial Bank, holds a Master in Arts, majoring in General Economics from Northern Illinois University, U.S. and a Bachelor in Arts majoring in Banking and Finance from Chulalongkorn University, Thailand.
Prior to joining Armstrong Asset Management, Eliza spent three and half years working for Carlyle Asia Partners, focusing on private equity opportunities in Southeast Asia and across various industries based in Singapore. Prior to that, Eliza worked in Investment Banking for four years at both Merrill Lynch and Goldman Sachs, specializing in corporate finance advisory and Natural Resources respectively. She started her career at Accenture, accumulating two years of consulting experience. Eliza received her Masters of Applied Finance from the University of Melbourne and Bachelor of Commerce (majoring in Finance, Accounting and Management) from the Australian National University.
Wymen has 9 years of experience in private equity and has been involved in all aspects of due diligence, deal structuring and execution. He spent 13 years in the United States and has 5 years of working experience in U.S. private equity funds. Prior to joining Armstrong Asset Management, Wymen worked in a similar capacity at Maybank MEACP years where he focused on investments in the clean energy sector across South East Asia. Prior to that, Wymen was an Associate at Leeds Equity Partners in New York for 3 years where he focused on leveraged buyouts in the education sector. Wymen received his Masters of International Affairs (Finance) from the Columbia University and Bachelor of Arts (Economics and English Literature) and Bachelor of Science (Applied Mathematics) from the University of Texas at Austin.
Jane has over 14 years of experience in financial management and control. Prior to joining Armstrong, she spent her last 9 years working in real estate private equity. Jane served as Vice President, Finance with CBRE Global Investors where she has oversaw the full spectrum of finance functions and operations of a USD 776 million closed-ended, pan-Asian Real Estate Opportunity Fund. Prior to that, Jane worked at PGIM for 6 years as a Fund Accountant. She is a member of CPA Australia and holds a Bachelor of Commerce from the University of Sydney.
Development and Operations Manager
Paul Chang has 16 years of project engineering, management and field experience involving projects, including 4 years with Vestas Wind System and 4 years with juwi Renewable Energies and SunEdison. He has been involved in Central Grid Dispatch System and Renewable Energy projects throughout Asia-Pacific, including Thailand, Philippines, Malaysia, Taiwan, Macao and Singapore. Prior to joining Armstrong, he was a Senior Project Manager and Project Manager with juwi Renewable Energies and SunEdison respectively and oversaw the execution of approximately 121MW of solar projects in Thailand and Philippines. Paul holds an MSc in Management of Technology from National University and a BEng in Electrical and Electronics Engineering from Nanyang Technological University in Singapore.
E&S Officer / Investment Manager
Angus has over 12 years’ experience in the environment and renewable energy sector in South East Asia. Prior to joining Armstrong, he founded Monsoon Carbon, a sustainability consultancy firm, that specialises in carbon consultancy and renewable energy advisory. Before establishing his own practice in 2011, Angus was a senior consultant for Environmental Resources Management in Vietnam and Indonesia where he managed environmental and socio-economic consulting projects in the region. As an independent consultant, he has also collaborated with international NGOs such as CARE and World Wildlife Fund, national and provincial government authorities and line agencies in Vietnam, and with bi-lateral and multilateral donors such as the Asian Development Bank and Danida. To date, he has managed and advised over 60 projects in the region. He has an Honours Degree in Natural Resource Economics from University of New England, Australia and a Masters of Environmental Science from Macquarie University, Sydney.
Sharon has 5 years of experience in investment, due diligence and investor relations. Prior to joining Armstrong Asset Management, she spent three years working for UOB Asia Investment Partners where she assessed private equity fund opportunities across Asia, with a focus on India and South East Asia. She started her career with the United Overseas Bank Group's Management Associate programme where she was attached to various divisions such as corporate banking, venture management and private banking. She graduated from the National University of Singapore with a Bachelors in Social Sciences, Economics.
Rosanne has 6 years of experience in the financial industry, with previous work experiences in UBS and Citibank. Her key responsibilities include regulatory compliance monitoring which encompasses the review of AML/KYC/CFT guidelines and customer due diligence, as well as enterprise-wide risk assessment and management. She holds a Bachelor of Business Administration, majoring in Finance, from the National University of Singapore.
Hoe Si En
Prior to joining Armstrong Asset Management, Si En spent 1 year in Phoenix Solar, a Singapore-based solar EPC. As Project Manager, he oversaw the execution of various rooftop solar PV installations totaling USD 2 million. He holds a Double Degree in Accountancy and Business from Nanyang Technological University.
Percilia has over over fifteen years’ experience in business administration and financial services, with the last ten years in the capacity as Office Manager. Percilia has key responsibility at Armstrong for coordinating all aspects of the day to day back office support functions including secretarial, HR, finance and accounting. Prior to Armstrong, Percilia was with HSBC and Macquarie Securities.
Environmental and social sustainability lies at the core of our investment policy. We believe that such an approach is not only the right thing to do in a world of increasing scarce natural resources but also helps to reduce risk and improve financial returns.
Our social and environmental policy is as follows:
The Manager has a Social and Environmental Management System (SEMS) and a designated SEMS Officer. We screen all investment opportunities against our Exclusion List and carry out environmental and social due diligence using the IFC Performance Standards as the benchmark for environmental and social risk management.
Where necessary, we will work with our portfolio companies to implement an environmental and social policy and implement a SEMS. Once an investment is made, we will continue to work with companies to improve their environmental and social performance and monitor them for any environmental and social risk.
At all times Armstrong Asset Management aspires to the highest of standards, continuously learning to ensure our activities have a positive impact and promote sustainability in all its forms.
Our annual sustainability report covers how we integrate ESG issues in our decision making process and our engagement with prospective and portfolio companies on ESG initiatives. Please find the full report for download here
Armstrong Asset Management is supported with financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.