GIP Blended Finance Vehicle Raises USD510m First Close

The Green Investments Partnership (GIP) has secured USD510m at first close to fund sustainable infrastructure in Southeast and South Asia, the Monetary Authority of Singapore said. Backed by Temasek, IFC, HSBC, British International Investment, Bank of the Philippine Islands, the Australian government and others, the blended finance vehicle will support renewable energy, electric vehicle infrastructure, water, waste management and sustainable transport projects. GIP is managed by Pentagreen Capital, the Temasek-HSBC platform, and is the first fund launched under MAS’s Financing Asia’s Transition Partnership (FAST-P) programme. By leveraging public, private and philanthropic capital, GIP aims to de-risk marginally bankable projects and close the region’s climate finance gap.