Case Studies
Real investment examples demonstrating our thesis in action.
Featured Investments
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Pertamina Geothermal Energy (PGE)
Indonesia • Public Equity
Indonesia's largest geothermal operator with 727 MW own capacity (1,932 MW including JOC). Listed on IDX (PGEO) in February 2023. Targeting 1.8 GW by 2033. Only Indonesian company in Top 50 Global ESG 2025.
$300M
Clean Energy Generation
12-16%
Target IRR
ACEN Corporation
Philippines • Public Equity
Ayala Group's renewable energy platform with ~7 GW attributable capacity across 7 countries - now 100% renewable. Listed on PSE. Targeting 20 GW by 2030.
$200M
Clean Energy Generation
11-15%
Target IRR
Keppel DC REIT
Singapore • REIT
Asia's first pure-play data center REIT, re-joined Straits Times Index in June 2025. Portfolio of 23 data centers across 8 countries. Only Singapore DC REIT with positive 3-year returns.
$200M
Sustainable Data Centers
8-12%
Target IRR
DayOne Data Centres - Johor
Malaysia • Infrastructure
$3.5B green data center development in Johor-Singapore Special Economic Zone (JS-SEZ). Part of the fastest-growing DC hub in ASEAN, with Johor expected to account for 60% of Malaysia's DC capacity by 2030.
$500M
Sustainable Data Centers
12-16%
Target IRR
Energy Development Corp (EDC)
Philippines • Public Equity
Philippines' largest geothermal company with 1,189 MW capacity (56% of country total). Lopez Group subsidiary with PHP 30B drilling program for 40 new wells targeting 85 MW additional capacity.
$1.0B
Clean Energy Generation
11-14%
Target IRR
Barito Renewables Energy (BREN)
Indonesia • Public Equity
Indonesia's largest private geothermal operator via Star Energy with 886 MW capacity across 3 West Java assets. Listed on IDX (BREN) October 2023, representing 38% of Indonesia's private geothermal market.
$400M
Clean Energy Generation
10-14%
Target IRR
B.Grimm Power
Thailand • Public Equity
Thailand's leading clean energy IPP targeting 7,200 MW by 2025. SET-listed with ADB green bond backing. Expanding across ASEAN, Middle East, and South Korea with strong ESG credentials.
$250M
Clean Energy Generation
10-13%
Target IRR
Princeton Digital Group Johor
Malaysia • Infrastructure
AI-ready hyperscale data center campus in Johor. JH1 (190 MW) and JH2 (200 MW) totaling 390 MW across 9 buildings. Part of SG+® strategy connecting Singapore-Johor-Batam corridor.
$600M
Sustainable Data Centers
13-17%
Target IRR
Malaysia MyBeST BESS Program
Malaysia • Infrastructure
National BESS procurement via Suruhanjaya Tenaga. 4x 100MW/400MWh projects (1,600 MWh total) targeting 2026 COD. Includes SEA's largest operational BESS: 100MW/400MWh in Sabah.
$300M
Grid Infrastructure & Storage
9-12%
Target IRR
Philippines GEA-4 Solar + BESS
Philippines • Infrastructure
DOE Green Energy Auction 4 integrating utility-scale storage with solar. Features world's largest paired project: 3.5 GWp solar + 4.5 GWh BESS with 20-year Meralco PPA.
$800M
Clean Energy Generation
11-15%
Target IRR
PLN Nusantara Renewables
Indonesia • Public Equity
PLN's dedicated renewable energy subsidiary with 3,210 MW portfolio. Key vehicle for Indonesia's JETP $20B transition financing, including flagship Saguling and Tembesi floating solar projects.
$350M
Clean Energy Generation
9-12%
Target IRR
Saguling Floating Solar
Indonesia • Project Finance
92 MWp floating solar on Saguling Reservoir, West Java - JETP flagship project. ACWA Power consortium backed. Part of Indonesia's ambitious 4.7 GW floating solar target by 2033.
$60M
Clean Energy Generation
10-13%
Target IRR
NeutraDC Batam
Indonesia • Infrastructure
AI-focused hyperscale data center in Batam by Telkom/Singtel/Medco joint venture. 51 MW Phase 1 with strategic subsea connectivity to Singapore. Part of the SG+® Singapore-Johor-Batam corridor.
$300M
Sustainable Data Centers
13-17%
Target IRR
Singa Renewables (ID-SG Interconnector)
Indonesia • Infrastructure
Landmark 1 GW solar + BESS Indonesia-Singapore interconnector by TotalEnergies/RGE JV. Subsea cable from Riau Islands to Singapore enables cross-border clean energy trade at premium pricing.
$800M
Grid Infrastructure & Storage
10-14%
Target IRR
TBS Energi Utama (TOBA)
Indonesia • Public Equity
IDX-listed (TOBA) company transitioning from coal mining to clean energy. Tembesi 46 MWp floating solar project showcases pivot. Represents Indonesia's coal-to-clean transition story.
$180M
Clean Energy Generation
10-14%
Target IRR
Singtel Nxera RE:AI GPUaaS
Singapore • Public Equity
Singtel's sovereign AI cloud platform (RE:AI) offering GPU-as-a-Service with NVIDIA H100/GB200/GB300 GPUs. Nxera data center arm building 400MW regional pipeline across Singapore, Malaysia, Indonesia, and Thailand with 20%+ EBITDA CAGR.
$500M
AI Compute Efficiency
10-14%
Target IRR
Indosat NVIDIA AI Center
Indonesia • Public Equity
Indonesia's sovereign AI Center of Excellence partnering with NVIDIA and Cisco. First Southeast Asian entity to deploy GB200 NVL72 Blackwell GPUs. Lintasarta AI Factory powers Indonesia's Golden Vision 2045 national strategy.
$200M
AI Compute Efficiency
11-15%
Target IRR
YTL Power NVIDIA Green AI
Malaysia • Public Equity
RM10B ($2.36B) green-powered AI infrastructure partnership between YTL Power and NVIDIA. Malaysia's sovereign LLM development initiative. Data centers powered by YTL's renewable energy portfolio including 1.2GW solar pipeline.
$600M
AI Compute Efficiency
10-14%
Target IRR
ByteDance ASEAN AI Infrastructure
Thailand • Infrastructure
$3.8B Thailand data center plus $2B Malaysia AI investment. Anchor tenant at multiple Johor hyperscale facilities. Volcengine AI cloud platform with 157M MAU on Doubao app. Major Blackwell GPU deployment outside China.
$1.5B
AI Compute Efficiency
12-16%
Target IRR
Sea Limited (SE) - SAIL AI Lab
Singapore • Public Equity
NYSE-listed Sea Limited developing Sailor2 multilingual LLM for 14 Southeast Asian languages through Sea AI Lab (SAIL). First OpenAI Operator partner for Shopee e-commerce. S$50M investment in NUS AI research. $447.8M profit in 2024.
$400M
AI Compute Efficiency
12-18%
Target IRR
Grab Holdings AI Platform
Singapore • Public Equity
NASDAQ-listed Grab is Southeast Asia's leading super app with AI-powered demand forecasting, fraud detection, route optimization, and NLP customer service. Serving 250M+ users across 8 countries. $313M adjusted profit in 2024.
$300M
AI Compute Efficiency
10-15%
Target IRR
GoTo Gojek Tokopedia AI
Indonesia • Public Equity
IDX-listed GoTo is Indonesia's largest digital ecosystem developing next-generation 70B+ parameter LLM. Shared AI platform provides standardized GPU access across business units. 50% cost reduction from cloud/AI migration. First profit Rp62B in Q3 2025.
$250M
AI Compute Efficiency
11-16%
Target IRR
Trax Retail AI
Singapore • Private Equity
Singapore's most-funded AI startup with $1.07B+ raised. Computer vision platform for retail analytics serving 29 of top 50 CPG companies globally. $2.25B valuation at Series E (SoftBank Vision Fund 2, BlackRock). 20% stockout reduction for clients.
$300M
AI Compute Efficiency
14-20%
Target IRR
Mesolitica MaLLaM
Malaysia • Venture Capital
Malaysian AI startup building MaLLaM - the first Malaysian language large language model. Understands Bahasa Melayu, local slang, and 16 regional Southeast Asian languages. AWS GenAI Open Innovation partner for local language AI development.
$50M
AI Compute Efficiency
18-25%
Target IRR
Portfolio Summary
$10.3B
Total Case Studies
24
Investments
78
Avg Score
5
Countries