Infratil
(ASX:IFT) committed $315 million (US $233 million) to establish Gurin Energy, a renewable energy development platform based in Singapore, which focuses on greenfield renewable projects across Asia.
The electrical company noted that this presents an opportunity to enter Asian markets that are following a ‘transition to renewables’ roadmap, including the reduction in heavy coal and imported gas dependency.
“Markets across Asia are characterised by combined tailwinds of demand growth, a growing commitment at national levels to decarbonisation, an increasing desire to reduce dependency on imported fuels, and to build self-sufficiency and security of supply," said CEO Jason Boyes.
"Together with our US, European and New Zealand platforms, our investment demonstrates our global commitment to sustainability and climate change and extends our ability to manufacture quality renewable energy assets to Asia," he continued.
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(ASX:IFT) are trading 0.7 per cent higher at $7.29.
