October 31, 2024
Magnus Energy Corporation Secures Investment from Asia Energy Transition Platform (AETP) to Accelerate Solar Projects in the Philippines
Magnus Energy Corporation Secures Investment from Asia Energy Transition Platform (AETP) to Accelerate Solar Projects in the Philippines
Lawrence Ang, Managing Partner
Jessel Agno, Associate
Lawrence Ang, Managing Partner
Jessel Agno, Associate
(Sitting - Left to right) Vikas Gattani - AETP Director; Karl Ivan Estadola - Magnus CEO; Ericson Baltazar, Magnus
Singapore, October 31, 2024 – Magnus Energy Corporation (Magnus), an independent and leading solar developer focused on commercial and industrial solar and battery energy storage solutions in the Philippines, has secured a significant investment from Asia Energy Transition Platform (AETP), a Singapore-based private equity fund, with Climate Smart Ventures Pte. Ltd. (CSV) acting as the fund advisor. Magnus will be utilizing the capital infusion to expand its solar lease portfolio and extend its services to new clients in key sectors including retail, hospitality, and healthcare.
Magnus, founded in 2019, offers photovoltaic solar power systems and turnkey project development to help businesses reduce their energy costs while meeting sustainability targets. The investment, a combination of debt and equity, will support Magnus in scaling up its operations to meet growing demand for clean energy solutions in the region.
“We are delighted to have AETP’s confidence and investment in Magnus,” said Karl Ivan Estadola, CEO and co-founder of Magnus. “This capital infusion is critical in helping us scale our operations, enabling us to execute on a growing pipeline of projects, and playing a key role in the Philippines’ energy transition.”
Magnus’s solar engineering, procurement, and construction and lease services offer clients an easy entry into renewable energy. Fully managed solar installations and a leasing structure allows businesses to pay for solar power at a fixed price over an agreed term. This model is especially appealing to companies looking to reduce their electricity costs while adopting green energy without large upfront costs.
Vikas Gattani, Fund Manager and Director at AETP, commented, “We see Magnus as a strong partner in advancing clean energy adoption in the Philippines. With its established foothold in the market, especially within niche sectors like hospitality and healthcare, we are excited to contribute to their next stage of growth. Magnus’s expertise and market position align perfectly with our commitment to fostering sustainable energy projects in Southeast Asia.”
“Magnus has been making tangible strides in renewable energy solutions for the Philippines and this investment is a step forward in expanding their operations and contributing to the Philippines’ aspirational target of 50% of power generation from renewable energy by 2040,” commented Matt Carpio, Head of Transaction Advisory at CSV, on AETP’s investment.
This investment will also enable Magnus to tap into a broader range of financing opportunities, ensuring continued growth in line with the Philippines’ ambitious renewable energy goals. The country aims for 35% renewable energy in the energy mix by 2030, with an increase to 50% by 2040. Recent regulatory changes, such as the creation of the Wholesale Electricity Spot Market (WESM) and the ability for 100% foreign ownership in renewable assets, are creating favorable conditions for developers like Magnus to thrive.
About Magnus:
Magnus is a Philippine-based solar power developer specializing in commercial and industrial sectors with a strong focus on providing solar leasing services to retail, hospitality, and healthcare clients. Established in 2019 by Karl Ivan Estadola, Rennis Siegue and Beda Escobedo, Magnus is at the forefront of solar solutions, committed to advancing clean energy adoption across the region.
About Asia Energy Transition Platform (AETP):
AETP is a private equity fund managed by Progress Asia Capital & Advisors, focused on supporting the energy transition in Southeast Asia. By addressing the “missing middle” in clean energy financing, AETP plans to mobilize over USD 50 million for energy projects across the region in the next five years, targeting proven projects with a scalable pipeline.
About Climate Smart Ventures Pte. Ltd. (CSV):
Established in 2020, Climate Smart Ventures Pte. Ltd. (CSV) is a transition and transaction advisory firm dedicated to accelerating Asia’s energy transition. CSV has a track record of bringing together the region’s leading asset owners, debt and equity providers, ESG investors and industry experts in accelerating Asia’s energy transition. CSV works with corporations, investment organizations, development finance institutions and governments to develop and implement value-creating transition strategies, facilitating high-impact, market-driven transactions for a just and orderly energy transition.
Media Contact:
Jessel Agno
Climate Smart Ventures
jessel@climatesmartventures.com
+63 917 115 4490