Thailand Solar Investments, Indonesia’s Sustainable Rubber & Saving Islands

Private and non-governmental organisations often take the lead in the quest for sustainability. Singapore-based Armstrong Asset Management is committing up to US$30 million to finance renewable energy projects developed by Annex Power in Thailand, the Philippines and Indonesia. Meanwhile, Halcyon Agri had the distinction to be the first midstream rubber processor to release a sustainability report. Non-governmental organisations Carbon War Room together with The Make Yourself Foundation launched the Ten Island Renewable Challenge aimed at weaning ten islands off their reliance on fossil fuel. Read more

Armstrong Invests in Annex Power for Regional Solar Expansion (16 August 2013):

Armstrong Asset Management is committing up to US$30 million from its South-East Asia Clean Energy Fund to finance an initial pipeline of solar photovoltaic (PV) and biogas power projects developed by Annex Power in Thailand, the Philippines and Indonesia.

Andrew Affleck, the Managing Partner of Armstrong Asset Management, said the opportunity to work with Annex was attractive due to the firm’s track record and its expanding commitment to the development of projects of the type and scale suitable for the Fund.  He also said it is very clear that the experienced team at Annex offers “internationally proven engineering and construction capability, which has been field-tested with matched components and robust, reliable operations.”

Annex has achieved impressive results in the Thai solar market and is strengthening its leadership position with a strong pipeline of large-scale Engineering, Procurement and Construction (EPC) projects.  Annex has completed the engineering and construction of 58 MW of solar PV projects in Thailand and has secured contracts to construct a further 30 MW.

Daniel Gaefke, the Managing Director of Annex Power, said ‘We are delighted to be expanding on our strong relationship with the Armstrong Fund whose investment objectives align very well with our own and whose experience in the renewables sector and in SE Asia creates many synergies we plan to build on.’

The partnership with Armstrong will enable Annex to further grow its development and asset management operations upon the base of its core EPC and consulting businesses in Thailand and the expanding project opportunities in Indonesia and the Philippines.


In April, Armstrong announced its first investment from the Fund being a strategic cooperation with energy developer Symbior Solar Siam, a solar focused subsidiary of business incubator Symbior Energy, to develop and operate a portfolio of solar power generation projects in Central and Northeast Thailand.  The portfolio of six small-scale solar power plants will deliver a combined capacity of 30 MW to the Thai national grid.

Thailand’s renewable energy market is the most established in South East Asia with a target of 25% of total energy to come from renewable sources by 2021.  The Thai solar sector is growing steadily with recent approvals confirming an increase of the solar power target to 3,000 MW and the presence of many world class equipment suppliers and service providers.

Mr Affleck confirmed that Armstrong is on track to achieve a final closing of US$150 million for the fund in September this year following an initial close in April 2012.  Investors include private corporations, European development finance institutions (DFIs) such as GEEREF and DEG, as well as the International Finance Corporation (IFC), the private sector investment arm of the World Bank.

About Annex Power

Annex Power is an experienced and proven renewable energy group focused on Southeast Asia.  With over 80 professionals experienced in the engineering and construction of solar, biogas- and wind power plants, Annex has planned, financed, built and operated more than 100 MW of renewable energy projects.  Annex insists upon high quality products, components, and engineering standards to help generate clean and efficient energy for homes, businesses, governments and utilities in the region.  Annex’s philosophy is to offer clients and partners independent solutions that are not only reliable and value-driven, but that also generate the greatest environmental and community impacts.

About Armstrong Asset Management

Armstrong Asset Management is an independent asset manager, based in Singapore, focused on the clean energy sector in Southeast Asia’s emerging markets.  Armstrong invests in small-scale infrastructure projects and is on track to achieve a target final closing of US$150 million by September 2013.  Its multidisciplinary team consists of 8 investment professionals with deep sector knowledge and a collective 80 years of Southeast Asia operating experience.  Armstrong integrates strict environmental, social and governance compliance into its investment process to deliver tangible benefits and reduce risks for all of its stakeholders.




  • First sustainability report by a natural rubber processor
  • CEO says sustainability is a business imperative
  • Group outlines six strategic priorities in report

Singapore, 6th August 2013 – Halcyon Agri Corporation Limited (Halcyon) today presented its 2012 Sustainability Report, its first to shareholders since it was listed in February this year, and the first by a midstream rubber processor.

The Report outlines the measures that the Catalist-listed company has taken in conserving the environment, engaging stakeholders from upstream suppliers to end customers, and implementing best practices that comply with certified standards.

Halcyon operates in the midstream of the natural rubber supply chain where it supplies rubber raw material for tyre companies through sourcing and processing rubber slabs which it buys from local suppliers, mainly in South Sumatra. It processes the natural rubber from its two facilities in Palembang in Sumatra, Indonesia, and exports to a global customer base that includes many of the world’s top 20 tyre manufacturers.

In the Report, Halcyon said it started its sustainability journey by first identifying its stakeholders and the material issues relevant to its business. To this end, it conducted a sustainability assessment in mid-2011 and has identified six strategic priorities that have an impact on its industry and business, namely staff welfare, staff health and safety, adherence to customer requirements and quality standards, production efficiency, environmental compliance and good housekeeping.

Mr Robert Meyer, Executive Chairman and Chief Executive Officer of Halcyon, said its first sustainability report “demonstrates our commitment to change and progress, benchmarked against internationally accepted sustainability guidelines.”

He explained: “For us, sustainability is a business imperative. With greater growth comes added responsibility…developing and implementing the best practices in corporate social responsibility make perfectly good business sense.”

The Report explained how Halcyon engaged and obtained feedback from stakeholders, ranging from local suppliers to regulators, staff, industry associations, competitors and customers.

The feedback helped Halcyon to implement changes including implementing new housekeeping benchmarks and setting up housekeeping teams in its processing facilities, providing employees on the production floor with personal protective equipment, setting a goal of achieving the OHSAS18001 certification for health and safety by this year, and providing rest areas and refreshments for rubber suppliers.

Plans are also in place to raise operating standards at its processing facilities to achieve ISO14001 certification, the international benchmark for environmental management.

Moving forward, Halcyon said it will focus on water conservation efforts through water reuse and is also exploring a shift to cleaner energy sources.

Caring for its employees, Halcyon provides housing and facilities for approximately half of its workforce and their families in Indonesia, and provides housing allowances for the balance.

Halcyon’s Sustainability Report has been presented in close alignment with the principles and framework of Global Reporting Initiative’s 3.1 Reporting Guidelines as well as the SGX Guide on Sustainability Reporting for Listed Companies.

For the full report, please refer to the attachment. Copies of the report are available for collection at Halcyon’s headquarters, located at 250 North Bridge Road, #12-01, Raffles City Tower, S(179101), or can be downloaded at

About Halcyon Agri

Halcyon Agri Corporation Limited and its subsidiaries (the “Group”) operate in the midstream of the natural rubber supply chain, specialising in the processing and merchandising of natural rubber. Headquartered in Singapore, where its risk management and merchandising operations are located, the Group owns and operates two rubber processing facilities, HMK1 and HMK2, in Palembang. The Group’s products, namely SIR20, SIR20-VK and SIR20-Compound, are exported to a global customer base, including many of the top 20 international tyre manufacturers.



Carbon War Room (14 August 2013):

Carbon War Room, in partnership with The Make Yourself Foundation, brings you the Ten Island Renewable Challenge.

The race has already started to transition the world’s first ten islands off fossil fuels and onto producing their own renewable energy using sun, wind, sea and waste. Together we can help these islands show the world what’s possible and inspire a more sustainable planet.

Help keep our islands beautiful forever. Show the world what’s possible.

The Ten Island Renewable Challenge works with islands to build their own renewable energy models, find the solutions that match the islands needs and at the same time, provide the opportunities on island that motivate investors and funders to work with them.

In partnership with The Make Yourself Foundation, we are seeking to raise $1m through this campaign to provide the capacity for building workshops on islands, the design and development of the renewable energy models, and to bring the right experts needed to switch sun, wind, waste and sea into energy and water.

We want you to be able to see amazing array of windmills and solar panels as you fly over the Caribbean and Pacific to your vacation – and make all islands energy independent.


Islands across the globe face huge risks to their futures as they are extremely vulnerable to the effects of climate change, and they also face huge financial challenges in the way they live today. The dependence on imported fossil fuel to produce energy is hugely expensive, and people living on islands are paying the some of the highest prices in the world just for food, water and energy. The additional demand we make, as tourists doesn’t help the situation either. The use of air-conditioned hotel rooms, cars, and the huge amounts of waste left behind are all putting an even bigger strain on its resources.


The answer lies in the resources that make islands so idyllic: sun, sea and wind are all in abundance on islands and don’t place a burden on the environment. And like the best things in life, they are free!

However, choosing the right technology and building the infrastructure isn’t!

The Carbon War Room is a non-profit working with islands to make this remarkable change happen. We work as an ‘honest broker’ for islands, helping them identify the best available technologies, attracting the right experts and the investment, because we want to help them choose the best technology options for their islands, their economy and the people.

Switching to renewable energy can boost the island’s own economy, creating more jobs, helping local businesses thrive – and allowing making their tourist industry more sustainable.


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