London, 24 June 2026: The Private Infrastructure Development Group (PIDG), the Monetary Authority of Singapore (MAS), and Clifford Capital today announced that the Energy Transition Acceleration Finance partnership (ETAF) has achieved its first close with US$250 million in committed capital for its displacement strategy.
The ETAF is a blended finance fund under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative. To address different transition pathways in Asia, ETAF adopts (i) a displacement strategy which supports investments in grid modernisation and other energy transition infrastructure projects to accelerate the displacement of fossil fuel-based power generation; and (ii) a replacement strategy focusing on replacing coal-fired power generation with lower-emissions power sources.
Through blended finance and risk-sharing mechanisms, ETAF seeks to mobilise capital into earlier-stage or higher-risk energy transition infrastructure investments where financing is not otherwise available at a sufficient scale, tenor, or risk appetite. As these investments mature and their risk profiles improve over time, ETAF aims to crowd in a broader pool of commercial and institutional investors.
MAS and PIDG are ETAF’s first close catalytic capital providers, with PIDG investing up to USD 15 million. Temasek is also expected to contribute catalytic capital from its Concessional Capital for Climate Action, funded by Temasek’s community gifts, subject to definitive agreements. DBS Bank is participating as a senior lender to ETAF. GuarantCo, part of PIDG, has provided a USD 30 million guarantee for ETAF’s mezzanine financing structure, to enhance its risk-return profile and crowd in additional commercial investment. Clifford Capital Asset Management, Clifford Capital’s wholly owned asset manager, will act as the fund manager for ETAF.
FAST-P’s ETAF, GIP and Industrial Transformation Programme (ITP) were established to address Asia’s infrastructure needs by using blended finance structures to mobilise commercial and concessional capital towards green and transition investments. The Singapore Government has pledged up to US$500 million in concessional capital under FAST-P, with the aim of catalysing up to US$5 billion in investments to support Asia’s green transition.
Gillian Tan, Assistant Managing Director (Development & International) of MAS, said, “ETAF’s successful first close demonstrates FAST-P’s growing momentum and traction. Through innovative blended finance models and guarantee mechanisms, FAST-P is bringing a broader coalition of partners together to meet Asia’s transition financing needs.”
Munib Madni, Chief Executive Officer of the FAST-P Office, said, “We thank Clifford Capital, PIDG and all partners supporting ETAF’s first close for their collaboration and commitment. ETAF demonstrates how the FAST-P platform can bring together complementary partners, capital providers and risk-sharing solutions to develop investable transition finance vehicles. Achieving first close establishes a strong foundation for ETAF’s next phase of growth and for mobilising additional capital towards Asia’s transition infrastructure needs.”
Murli Maiya, Chief Executive Officer of Clifford Capital, said, “We are grateful for the trust placed in us to manage ETAF, and appreciate the support of all partners. ETAF’s blended finance structure is designed to mobilise capital towards projects that accelerate the displacement of fossil fuel-based generation through grid modernisation and other transition infrastructure investments, while addressing barriers that have traditionally constrained investment in transition opportunities. We look forward to working with our partners to scale and support Asia’s energy transition.”
Philippe Valahu, Chief Executive Officer of PIDG, said, “PIDG is pleased to partner with MAS, FAST-P, Clifford Capital and other stakeholders in supporting ETAF. The successful first close demonstrates the value of bringing together complementary forms of capital and expertise to address Asia’s transition financing needs. Bringing our de-risking capabilities to the fund with guarantee support and catalytic capital, PIDG is helping to mobilise additional private institutional investment. We look forward to continuing our collaboration with the partners to expand access to transition finance across the region.”
As previously announced, PIDG will provide impact management services to the fund to embed global best practice impact standards across the investment lifecycle. It will bring robust, systematic impact management and monitoring expertise. This includes helping develop best-in-class investment frameworks and governance to ensure capital allocation under the ETAF programme is aimed at delivering positive developmental impacts whilst mitigating potential risks.
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About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructure. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to foster the growth of Singapore as an international financial centre.
About the Financing Asia’s Transition Partnership (FAST-P)
FAST-P is a Singapore-led blended finance initiative launched by MAS in 2023 in collaboration with global public, private and philanthropic partners. It aims to mobilise up to US$5 billion to de-risk and finance green and transition projects in Asia. The Singapore Government has pledged up to US$500 million as concessional capital, to match dollar-for-dollar, concessional capital from other partners, including other governments, multilateral development finance institutions and philanthropies. This combined pool of concessional capital will be used to crowd in commercial capital and other sources of finance to support Asia’s green transition.
About the Private Infrastructure Development Group
The Private Infrastructure Development Group (PIDG) is an innovative infrastructure developer and investor which has been mobilising private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and southeast Asia for 25 years. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs).
PIDG offers technical assistance for upstream, early-stage activities and concessional capital; invests in early-stage project development and project and corporate equity through its project development solution, InfraCo; its debt solution EAAIF (the Emerging Africa & Asia Infrastructure Fund) is one of the first and more successful blended debt funds in low-income markets; and its guarantees solution, GuarantCo, provides credit enhancement and local currency solutions to de-risk projects. PIDG also supports a growing portfolio of local credit enhancement facilities, which unlock domestic institutional capital for infrastructure financing.
So far, PIDG has supported 286 infrastructure projects, mobilising USD 32.7 billion in private-sector investment and attracting USD 51.4 billion in total project investment, helping improve access to infrastructure for approximately 240 million people.
About Clifford Capital
Founded in 2012, Clifford Capital is an infrastructure credit platform specialising in global infrastructure debt origination, distribution, and investment. Headquartered in Singapore, certain Clifford Capital entities benefit from government guarantees with a policy mandate to support companies with a Singapore nexus. With over US$14.9 billion in cumulative commitments, Clifford Capital delivers innovative financing solutions across energy & utilities, natural resources, industrial & transportation, and social & digital infrastructure sectors.
Clifford Capital Asset Management was established in 2025 as a third line of business for Clifford Capital, complementing its origination and structuring, and distribution business. Licensed by the Monetary Authority of Singapore, it manages US$1.4 billion in assets and provides institutional investors access to global infrastructure credit strategies, drawing on Clifford Capital’s origination and underwriting capabilities.
For media queries, please contact:
Richa Bhardwaj
Communications Lead
Private Infrastructure Development Group
Email: richa.bhardwaj@pidg.org
Bridgitte Lee
Deputy Director (Communications)
Monetary Authority of Singapore
Email: Bridgitte_lee@mas.gov.sg
Jareth Cheng
Communications Lead
Clifford Capital
Email: jareth.cheng@cliffordcapital.sg
