Singapore-based Seraya Partners has acquired a controlling stake in G&B Infratech, a South Korea-headquartered solar and wind renewable energy developer and operator, through a $250-million equity commitment, according to an announcement on Friday.
The investment will be used to acquire operating assets and fund pipeline development, with the aim of building G&B into a 1 GW-scale renewable energy platform in Asia.
G&B owns and operates a 200 MW portfolio of utility-scale solar and onshore wind assets under long-term, 20-year contracts. The platform also has exclusivity over a 1 GW development pipeline, providing visibility on future growth.
The company focuses on contracted solar and onshore wind projects and avoids merchant exposure. Its portfolio comprises operating assets that generate cash flow alongside a pipeline backed by long-term power purchase agreements with investment-grade counterparties.
“The management team has a strong track record of disciplined execution and proprietary deal sourcing. Leveraging Seraya’s energy transition expertise, G&B is well positioned to scale quickly and become a market leader in South Korea and beyond,” said James Chern, Managing Partner & CIO of Seraya Partners.
DealStreetAsia had reported in mid-2025 that Seraya Partners is raising its second fund with a target size of $1.5 billion. The firm is understood to be nearing the first close at around $650 million.
The firm closed its first fund last year at $800 million, including co-investments, surpassing its target of $750 million. At that point, they had already committed over 50% of the capital across three platforms—Empyrion Digital (green data centre operator), Cyan Renewables (pure-play offshore wind farm vessel operator), and Astrid Renew (develops solar, wind, and energy storage solutions in partnership with multinational corporates).
The firm has since fully deployed Fund I.
More recently, Seraya completed the acquisition of Singapore enterprise fibre operator SPTel Pte Ltd for an undisclosed amount.
The firm has also been selected as a Dana Pemacu partner by KWAP Malaysia, the country’s public sector pension fund. Under this catalytic programme, Seraya will collaborate with KWAP on next-generation infrastructure investments, including digital infrastructure and energy transition platforms across the region.
The PE firm’s inaugural Asia infrastructure fund boasts investors such as Asian Infrastructure Investment Bank (AIIB), Alberta Investment Management Company (AIMCo), and funds and accounts managed by BlackRock.
According to a white paper on the firm’s website, infrastructure investment in Asia remains under-penetrated compared with the US and Europe, offering diversification and growth opportunities.
Rising infrastructure demand, a growing middle class, urbanisation, and supportive government policies are driving investment activity. Combined with long-term contracted cash flows and sector resilience, these factors have attracted interest from both regional and international institutional investors expanding in Asia.
