Maybank Islamic Berhad has taken the decision to partner up with Singapore-
Maybank Islamic Berhad has taken the decision to partner up with Singapore-based Maybank MEACP, an Exempt Fund Manager, to launch a USD500million Asia-focused clean energy private equity fund reported FINalternatives this week. Maybank MEACP is a 50/50 joint venture between Mayban Ventures, a subsidiary of Maybank, and Middle East & Asia Capital Partners Pte Ltd, a private equity firm founded by Mumtaz Khan (pictured), which specializes in emerging market infrastructure opportunities. It is believed the 10-year PE fund will invest in biomass, biofuels, solar, wind, geothermal and energy efficient projects across Asia Pacific. Maybank MEACP’s CEO, Khan, was quoted as saying: “The clean and renewable energy sector is a high-growth sector with multi-faceted opportunities for small and medium business groups.” The fund will consist of two parallel investment vehicles: a USD350million master fund supported by Maybank, Asian Development Bank and International Finance Corporation, and a USD150million co-financing vehicle supported by Overseas Private Investment Corporation. Maybank Islamic Berhad is a subsidiary of Malayan Banking Berhad and is based in Kuala Lumpur, the capital of Malaysia.
