Singapore-based clean energy platform PCG Global has secured its first external funding in a pre-Series A round anchored by Temasek-owned investment platform GenZero, according to an announcement.
The companies did not disclose the size of the investment, but DealStreetAsia has learnt that it is in the range of tens of millions of US dollars.
The proceeds from PCG Global’s first external capital raise will be used to accelerate project origination and execution across Southeast Asia, Oceania and the Middle East, per the announcement.
Governments in these regions are pursuing net-zero targets while seeking to strengthen energy security through renewable energy deployment.
Founded in Singapore by the team behind China’s distributed energy operator PCG Power, the firm invests in, develops, and operates renewable energy infrastructure across international markets.
The company provides integrated services spanning project financing, development, operations, maintenance, and carbon asset management.
PCG Global said it draws on PCG Power’s experience of investing in, constructing and operating more than 2 GW of renewable energy assets.
Around 1.8 GW of projects are currently under various stages of development, including distributed solar, utility-scale power plants, behind-the-meter energy storage and smart energy management systems.
“This round reflects institutional confidence in our ability to translate proven distributed energy capabilities into high-quality outcomes beyond China,” Li Wenxuan, chairman and chief executive of PCG Power, said.
GenZero was launched by Temasek to invest in decarbonisation opportunities across nature-based solutions, technology-based solutions, and carbon market enablers.
Kimberly Tan, head of investments at GenZero, said the investment in PCG Global supports the firm’s strategy of backing businesses capable of scaling clean energy infrastructure globally.
Early this month, Temasek injected another $132.3 million into GenZero, according to regulatory filings reviewed by DATA VANTAGE. The allotment brings GenZero’s total paid-up capital to $1.28 billion.
The Singapore state investor has contributed $330.4 million to GenZero so far this year, already exceeding the amount injected in each of the previous three years.
In May, the platform acquired the Asian Infrastructure Investment Bank (AIIB)’s stake in Seraya Partners Fund I in a secondary transaction, according to an announcement. Financial terms of the deal remain undisclosed.
GenZero was launched in June 2022 with an initial S$5 billion (approx. $3.5 billion) commitment from Temasek.
The platform deploys patient capital globally across technology-based solutions, nature-based solutions and carbon ecosystem enablers, targeting measurable climate impact alongside long-term financial returns.
