Singapore’s second blended finance fund hits US$345 million with concessional capital from Temasek

[SINGAPORE] One of the funds under Singapore’s blended finance initiative – known as Financing Asia’s Transition Partnership or Fast-P – has raised additional capital less than a week after announcing its first close of US$250 million.

The Energy Transition Acceleration Finance (ETAF) partnership has secured an additional US$95 million, with contributions from Singapore investment company Temasek in the form of concessional capital, as well as infrastructure credit platform Clifford Capital.

This brings the total commitment to US$345 million, ETAF’s designated fund manager Clifford Capital announced on Monday (Jun 29).

Its statement said: “The aggregate commitment reflects participation from a broader set of investors, including Temasek, alongside additional commitments secured beyond the first close. Clifford Capital also committed capital to the mezzanine tranche.”

The fund’s first close of US$250 million was announced on Jun 24, in a joint statement by the Monetary Authority of Singapore (MAS), the Private Infrastructure Development Group (PIDG) and Clifford Capital.

MAS and PIDG provided the catalytic capital for its first close, and DBS participated as a senior lender.

It was also announced then that Temasek was expected to contribute catalytic capital from a sum of S$100 million previously set aside for climate-related projects.

Lily Choh, group head of asset management at Clifford Capital, said on Monday that this reflects growing institutional momentum behind scalable financing solutions for critical infrastructure.

“By bringing together public and private capital, ETAF is well positioned to help accelerate the development of bankable projects across the region,” she added.

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The fund, aimed at financing Asia’s energy transition, is expected to raise additional capital through future closings as it broadens its investor base, said the statement.

The ETAF fund is the second under Fast-P to achieve first close.

The Green Investments Partnership achieved a first close of US$510 million last September, and hit a second close of US$800 million in May.

Temasek also committed funds to that partnership, which looks at investing in mature green technologies. However, this was made on a commercial basis, compared to its contribution to ETAF.