Temasek Trust Asset Management’s ABC Impact will invest $50 million in Tekoma Energy, a Japan-based solar asset developer, which HSBC Asset Management acquired as its lead sponsor in June 2023.
According to HSBC Asset Management’s statement released on November 13, 2024, “The new capital from ABC Impact will be directed towards Tekoma Energy’s plans to develop and operate a series of new solar PV projects that aim to provide clean and reliable energy. Additionally, ABC Impact will leverage its prior investment experience in renewable energy platforms to help Tekoma Energy scale its operations.”
“Japan’s favorable regulatory environment and growing demand for renewable energy make it an attractive market for solar development. We are pleased to partner with HSBC ETI and the Tekoma teams to advance this platform and support its growth,” said Tan Shao Ming, ABC Impact’s Chief Investment Officer.
Gerard Terricabras Ginebra, Tekoma Energy’s Representative Director, highlighted the company’s track record, saying, “Our portfolio in Japan includes 25 solar PV projects, along with developments in agrisolar PV plants and battery storage systems.” The company will aim to grow its portfolio to over 400MW within the next four to five years by signing corporate PPAs among other things.
Tekoma Energy was established in 2013 and currently operates in Japan and Taiwan with plans to expand into South Korea next year. It was HSBC Asset Management’s Energy Transition Infrastructure team’s first investment, following the team’s formation through a business transfer agreement with Green Transition Partners.
