responsAbility Commits Up to $25 Mn to Verdant’s Thailand Solar Push

Swiss impact asset manager responsAbility Investments has committed up to $25 Mn in non-recourse project financing to Singapore-based Verdant Energy to expand its solar portfolio in Thailand.

The financing will be provided on behalf of responsAbility’s investors through its Climate Investment Strategy for Asia. It supplies private debt for climate infrastructure in emerging and developing markets and has targeted a $500 Mn final close.

The non-recourse structure limits a lender’s claim primarily to the financed projects and their cash flows instead of Verdant’s wider corporate balance sheet.

The companies did not disclose the pricing, tenor, drawdown schedule or the individual assets that will receive financing.

Verdant entered Thailand in March 2026 by acquiring a 37 MWp (megawatt peak) rooftop solar portfolio from South Hodo (Thailand) Co. The acquisition gave it 10 operating sites serving commercial and industrial customers.

Verdant expects the portfolio to generate approximately 50 GWh of electricity annually and avoid about 26,000 tonnes of carbon dioxide emissions each year. The new credit facility will support the development, construction and operation of additional commercial and industrial solar projects in Thailand.

Its wider strategy also includes utility-scale renewables. In February, Verdant and the Philippine solar developer RASLAG acquired a 16 MW wind farm paired with a 6 MWh battery energy storage system in the Philippines.

Verdant’s chief investment officer Sivaramakrishnan Sreedharan said the long-term capital would help it accelerate bankable projects while maintaining its investments and risk controls.

The company develops, constructs, owns and operates renewable energy assets across Southeast Asia. Headquartered in Singapore, it has offices in Thailand, Vietnam and the Philippines and aims to invest in more than 1.5 GW of projects over the next five years.

Denmark-based infrastructure investor A.P. Moller Capital backs the developer through its Emerging Markets Infrastructure Fund II.

The Thailand financing follows a VND792 Bn (approximately $30 Mn) green-bond programme Verdant announced in June to expand its commercial and industrial rooftop-solar portfolio in Vietnam.

The 15-year bond programme, supported by a GuarantCo payment-default guarantee, will finance another 58 MW of commercial and industrial rooftop-solar capacity in Vietnam. It was Verdant’s first capital-markets issuance.

As of June 30, responsAbility managed about $6 Bn in assets, invested in 70 countries. The firm, part of M&G Investments since 2022, has deployed more than $18.2 Bn in impact investments since its 2003 launch.

The vehicle, which responsAbility now calls its Asia Climate Fund, closed at $461 Mn on August 18, below the $500 Mn final target cited in January. It is responsAbility’s largest closed-end climate investment fund.

The Thailand-focussed credit and the Vietnamese bond show that Verdant is building project-level financing structures around its assets instead of relying solely on corporate borrowing. However, the timing and scale of the next additions to its Thai portfolio remain undisclosed.