ACEN is the listed energy platform of the Ayala Group, one of the largest conglomerates in the Philippines, and a long-time partner of GIC. ACEN has ~4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. The company has expanded its renewable pipeline beyond 2025 to 18 GW, developed organically or with partners. As of July 2022, the company’s renewable share of capacity is at 87%, among the highest in the region.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW in renewables capacity by 2030. In 2021, ACEN announced its commitment to achieve net-zero greenhouse gas emissions by 2050. This will involve the early retirement of its remaining coal plants by 2040 and transitioning the company’s generation portfolio to 100% renewable energy by 2025.

GIC’s investment in ACEN will be used to fund the platform’s renewable energy project development 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 will support 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.

Duke Energy Indiana (DEI) – a subsidiary of Duke Energy, one of the largest utility holding companies in the US – owns electric generation, transmission and distribution assets in Indiana. It is the largest regulated electric utility in the state and serves more than 870,000 customers. When GIC announced it was investing in DEI in 2021, DEI was dependent on coal-fired power plants to generate most of its electricity.

DEI will diversify its power generation fleet by investing in more renewables and natural gas-fired generation and by retiring its coal-fired units over time to achieve its carbon reduction goals. In late 2021, DEI released an updated plan that would retire all coal-fired generation by 2035 (several years earlier than its prior plan) and triple the renewable energy investments as compared to its previous plan. At its Edwardsport plant, which runs on both gasified coal and natural gas, the company would either retire the coal gasifiers or add carbon capture technology by that goal date.

In addition to its medium-term carbon reduction goals, Duke Energy plans to achieve net-zero emissions in Scope 1, Scope 2 and certain Scope 3 emissions by 2050. Meanwhile, DEI is also investing in transmission and distribution for a smarter, more resilient, green-enabled grid.

InterContinental Energy (ICE) is a leading dedicated green fuels company. ICE has pioneered green fuel projects at massive scale, including three of the most advanced developments worldwide with the governments of Australia, Oman, and Saudi Arabia.

ICE projects are located in coastal deserts with abundant sun during the day and strong wind at night, and will use renewable energy to electrolyse water and generate green fuels at the largest volume and lowest cost. The portfolio will enable the production of more than 10 million tons per annum of green hydrogen. ICE works with leading local partners to ensure maximum domestic benefits, including the development of high technology ecosystems around each hub. The ICE portfolio is expected to offset over 200 million tons of carbon dioxide per annum and create over 100,000 direct and indirect high-quality jobs.

MioTech, a sustainability data and technology provider, harnesses artificial intelligence to solve carbon emission, energy, and ESG challenges. Its data terminal supplies global ESG datasets with a focus on Asia for holistic portfolio and asset risk assessment. MioTech has also developed solutions for sustainability data reporting, energy and carbon data management, and carbon emissions reduction. Clients can thus track and improve sustainability metrics towards improved ESG performance and net zero transition.

GIC backed the company’s series B+ funding round in 2021, and has actively supported the company in its client expansion and product development roadmap. GIC has been working with MioTech to test and provide feedback on its platform, and has connected the company with our other portfolio companies to help the company expand its customer base. As an active, long-term investor, GIC regularly engages MioTech on issues such as its corporate structure and data security initiatives, among others, so as to create value for shareholders.

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 is expected to be operational in 2025 and will enable the 1,573 rooms of Sani Resort, Ikos Oceania Resort, and Ikos Olivia Resort to harness renewable energy via virtual net-metering. The farm will generate 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 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 will contribute 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.