The Monetary Authority of Singapore (MAS) has confirmed that the Green Investments Partnership (GIP), launched under the Financing Asia’s Transition Partnership (FAST-P) initiative, has achieved a first close with US$510 million in committed capital. The funds, drawn from global and regional private, public and philanthropic sources, will be directed towards green and sustainable infrastructure projects in Southeast and South Asia.
Investors include the Australian Government, represented by Export Finance Australia, the International Finance Corporation, the Dutch Entrepreneurial Development Bank (FMO), HSBC, Temasek, British International Investment, the Bank of the Philippine Islands and Allied Climate Partners. The European Commission is also backing the fund through its Global Gateway programme.
Pentagreen Capital, a debt financing platform set up by HSBC and Temasek, will manage the GIP. The fund will support projects in renewable energy, storage, electric vehicle infrastructure, sustainable transport, and water and waste management – sectors seen as critical to the region’s low-carbon transition.
FAST-P, launched in 2023, was created to bridge Asia’s climate finance gap by blending public, private and philanthropic capital. GIP is the first of FAST-P’s three partnerships to reach a first close. By pooling concessional and commercial capital, the initiative seeks to make “marginally bankable” projects more attractive to investors, particularly during the riskier development and construction phases.
Gillian Tan, MAS Assistant Managing Director (Development & International) and Chief Sustainability Officer, described the first close as “an important milestone” for the initiative. She noted that the capital structure brought together diverse partners to help de-risk sustainable infrastructure projects across the region.
Munib Madni, Chief Executive of the FAST-P Office, added that the achievement reflected the collective commitment of governments, financial institutions and philanthropic actors. He said the focus now would be on expanding blended finance solutions to address Asia’s infrastructure and climate challenges.
