Brookfield Asset Management announced in a statement on November 26 that it has made its first renewable energy investments in Southeast Asia, with the Philippines emerging as a central focus through the acquisition of clean energy developer Alba Renewables. The move forms part of Brookfield’s broader regional decarbonisation strategy aimed at scaling low-carbon energy across high-growth markets.

Alba, which operates a 1.8-gigawatt portfolio of wind, solar, and battery storage projects predominantly located in the Philippines and Thailand, is expected to anchor Brookfield’s expansion plans. Brookfield said the transaction provides the company with a strong management team and a platform capable of reaching more markets in the region. 

“By acquiring a seed asset in Vietnam and backing Alba’s expansion across the Philippines, Thailand and beyond, we are catalysing platforms that can deliver reliable, low-carbon energy where it is most needed and impactful,” said Daniel Cheng, Brookfield Asia Pacific head of renewable power and transition.

For Alba, the acquisition marks a major milestone. CEO Andrew Affleck said the company is ready to take on a larger role in the region’s energy transition with Brookfield’s backing. “Today marks an exciting milestone for Alba Renewables. We are proud of the progress our team has made in building the foundation of a high-quality clean energy operating platform across Southeast Asia,” he said, adding that Brookfield’s support strengthens Alba’s ability to deliver “clean, dependable and competitively priced energy at scale.”

Brookfield’s new investments were deployed through its Catalytic Transition Fund, a vehicle supported by USD 1 billion from ALTERRA to mobilize private capital into emerging markets. The fund has been expanding its renewable footprint in the region, including solar and battery storage development partnerships, but the Alba transaction positions the Philippines as one of its key markets for long-term growth.

With Brookfield now backing a developer with a significant Philippine footprint, what opportunities do you see for accelerating the country’s shift toward low-carbon power?

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