ACEN is the listed energy platform of the Ayala Group, one of the largest and oldest conglomerates in the Philippines and a long-time partner of GIC. The company has been rapidly expanding its renewables pipeline over the years, growing from a largely Philippines-centric platform to over 7GW of attributable capacity across the Philippines, Australia, Vietnam, India, and others today.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20GW in renewables capacity by 2030. In 2021, ACEN announced its commitment to achieve net-zero greenhouse gas emissions by 2050, and in 2022, completed the world’s first market-based Energy Transition Mechanism, which will enable early retirement of the 246MW SLTEC coal plant by 2040. ACEN is also on track to achieve its goal of ~100% renewable energy generation by end-2025 with the recently announced sales of its remaining thermal assets.

GIC’s investment in ACEN helps fund the platform’s renewable energy projects and potential acquisitions, enabling it to accelerate and expand its green impact. Our confidence in this investment is backed by its diverse portfolio of renewable energy assets and strong track record of profitable growth. We believe the company is well-positioned to capture the shift from thermal energy to clean, sustainable energy in the region.

Climeworks is a leading high-quality carbon removal provider, combining decades of expertise in Direct Air Capture (DAC) technology with a holistic approach to carbon removal solutions. Climeworks advises companies on their carbon removal strategies and provides tailored portfolios of nature-based and engineered approaches, offering end-to-end services to help achieve net-zero goals. The company runs the world's first two DAC plants in Iceland, demonstrating its core commitment to high-quality carbon removal that is backed by over 15 years of pioneering research, development, and deployment. By advancing the most reliable solutions in the market, Climeworks accelerates the global transition to net zero, unlocking economic value for businesses, governments, and society.
GIC's funding supports the scaling of Climeworks' plants to multi-million-ton capacity as the carbon removal market grows and matures. Climeworks will also use the capital to further build out the team with top-tier talent.

US-based Divert is an impact technology company on a mission to protect the value of food. Divert is transforming the food value chain by creating innovative solutions to eliminate food waste. The company creates sustainable infrastructure to prevent wasted food, recover edible food, and divert food waste from landfills. GIC’s investment will be used to support Divert’s expansion across the US. Our confidence in this investment is backed by its strong relationships with key national grocers, such as Albertsons and Target, as well as the regulatory and ESG tailwinds driving demand for waste solutions which are both environmentally friendly and cost-effective.

GIC has partnered with Sani/Ikos Group (SIG) which has demonstrated how the highest standards in hospitality can be delivered while creating growth opportunities for its people, significant benefits for the ecosystems surrounding its resorts, and generating value for its investors.
There is a comprehensive ESG programme in SIG resorts. At the Sani Area in Halkidiki, Greece, GIC has worked with SIG to build a ground mounted solar (photovoltaic) farm with a rated power of 6,76MWp. The solar farm enables the 1,573 rooms of Sani Resort, Ikos Oceania Resort, and Ikos Olivia Resort to harness renewable energy via virtual net-metering. The farm generates more than 10,500 MWh of clean electricity and is expected to cover ~40% of electricity needs, reducing carbon emissions.

GIC has also partnered with SIG on other decarbonisation initiatives, including:
• Transitioning hotels to sustainable energy sources through electrification and energy-efficient technologies to reduce carbon footprint.
• Implementing energy-saving measures including HVAC remote control via cloud applications and extensive Building Management System (BMS) control of mechanical, electrical, and plumbing (MEP) systems.
• Installation of over 1,300 electricity and LPG submetering systems to track energy consumption and to enable data-driven decision-making and prioritisation of energy-saving initiatives.
• Ensuring that new buildings and major renovations are BREEAM/LEED certified and designed with target energy performance certificates (EPCs) of energy class A or a higher equivalent. Ikos Olivia was the first resort in Greece and third in Europe to be certified with LEED O&M for existing buildings at the Gold Level.

Around 75% of the world’s steel today is produced using coal as the energy feedstock, releasing about two tonnes of CO2 for every ton of steel produced. While steel plays a critical role in virtually all economic sectors, it is also one of the most difficult industries to decarbonise. Technological advances will play a critical role in enabling steel manufacturers to produce steel with less emissions-intensive methods at greater scale. GIC invested in Stegra which announced green financing of about €6.5billion to build a digitalised and circular manufacturing plant to produce green steel, as well as integrated green hydrogen and green iron. The company aims to produce steel with up to 95% less CO2 emissions compared to traditional blast furnace technology.

GIC’s investment is contributing to the construction of the company’s flagship plant in Europe. Instead of using coal, the plant produces green hydrogen on-site with an electrolyser facility, using electricity from reliable renewable sources.