DBS deepens commitment to FAST-P with USD 210 million inaugural financing for Energy Transition Acceleration Finance Partnership managed by Clifford Capital
First debt financing for ETAF will mobilise capital towards accelerating Asia’s transition through renewable energy deployment, grid modernisation
Transaction deepens DBS’ involvement in FAST-P as the only commercial bank involved in two pillars of the initiative
Singapore, 24 Jun 2026 - DBS today announced that it is providing a USD 210 million senior financing facility to ETAFCo, the investment vehicle supporting the displacement strategy of the Energy Transition Acceleration Finance partnership (ETAF) under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative. Managed by Clifford Capital, ETAF mobilises concessional and private capital to accelerate the deployment of clean energy and energy transition projects across Asia.
The financing marks the first loan extended to ETAFCo, with DBS as the fund’s inaugural senior debt financier. The loan will support eligible energy transition infrastructure debt investments, including renewable energy, grid modernisation, energy storage and other clean energy solutions that reduce reliance on, and utilisation of coal-fired power generation.
Han Kwee Juan, Group Head of Institutional Banking, DBS, said: “We believe that sustainability is not a parallel agenda but a core driver of long-term value. When approached pragmatically, it strengthens economic competitiveness, improves lives and builds resilience for the future. DBS is pleased to be the first commercial bank to support the Energy Transition Acceleration Finance partnership – a blended finance initiative uniquely designed to catalyse capital and lower the risk of financing Asia’s energy transition – underscoring our commitment towards a sustainable future.”
With the transaction, DBS becomes the only commercial bank to support two partnerships within the FAST-P initiative – underscoring the bank’s continued commitment towards enabling Asia’s energy transition. Earlier, DBS had also contributed USD 75 million to FAST-P’s flagship blended finance programme Green Investments Partnership (GIP)[1] managed by Pentagreen Capital, serving as the lead coordinator for its senior tranche.
Catalysing innovative financing solutions for Asia’s energy transition
Launched by the Monetary Authority of Singapore, FAST-P brings together public, private and philanthropic capital to help address Asia’s infrastructure needs by using blended finance structures to mobilise commercial and concessional capital towards green and transition investments.
ETAF was established to mobilise blended finance for Asia’s energy transition by supporting different pathways to reduce reliance on coal-fired power generation. Its displacement strategy supports emissions reduction by financing renewable energy, grid modernisation, energy storage and other clean energy solutions that reduce reliance on, and utilisation of, coal-fired power generation. Its replacement strategy supports the managed phase-out of coal by financing renewable energy, energy storage and supporting grid infrastructure to replace coal-fired power generation over time.
In its first phase, ETAFCo will focus on investments in clean energy transition and grid infrastructure projects to advance displacement. By improving risk allocation and supporting bankable transition infrastructure, ETAFCo seeks to mobilise additional pools of capital for Asia’s energy transition.
Lily Choh, Group Head of Asset Management at Clifford Capital, which manages ETAF, said, “We are pleased to partner DBS as they come onboard as the senior debt financier for ETAF. Its participation strengthens ETAF’s ability to mobilise capital for energy transition infrastructure and reflects the important role of blended finance in bringing together public and private capital at scale.”
Shilpa Gulrajani, Head of Sustainable Finance, Institutional Banking Group, DBS, said: “Asia’s energy transition requires pragmatic and scalable financing solutions that can accelerate the deployment of cleaner energy infrastructure today while creating the conditions for deeper decarbonisation over time. The Energy Transition Acceleration Finance fund represents an innovative approach to bridging this gap by supporting projects that can meaningfully reduce reliance on coal-fired generation and strengthen grid readiness for a lower-carbon future.”
Simon Ong, Group Head of Financial Institutions and Government-Linked Corporations, DBS, said: “As the inaugural debt financier to the Energy Transition Acceleration Finance fund, DBS is pleased to be working with Clifford Capital to support this important milestone under FAST-P. The transaction demonstrates how blended finance structures can help mobilise private capital towards critical transition projects and reflects our continued commitment to enabling Asia’s journey towards a more resilient and sustainable energy system.”
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
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 established a third line of business managing third party capital in 2025. Licensed by the Monetary Authority of Singapore, Clifford Capital Asset Management 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.
The financing marks the first loan extended to ETAFCo, with DBS as the fund’s inaugural senior debt financier. The loan will support eligible energy transition infrastructure debt investments, including renewable energy, grid modernisation, energy storage and other clean energy solutions that reduce reliance on, and utilisation of coal-fired power generation.
Han Kwee Juan, Group Head of Institutional Banking, DBS, said: “We believe that sustainability is not a parallel agenda but a core driver of long-term value. When approached pragmatically, it strengthens economic competitiveness, improves lives and builds resilience for the future. DBS is pleased to be the first commercial bank to support the Energy Transition Acceleration Finance partnership – a blended finance initiative uniquely designed to catalyse capital and lower the risk of financing Asia’s energy transition – underscoring our commitment towards a sustainable future.”
With the transaction, DBS becomes the only commercial bank to support two partnerships within the FAST-P initiative – underscoring the bank’s continued commitment towards enabling Asia’s energy transition. Earlier, DBS had also contributed USD 75 million to FAST-P’s flagship blended finance programme Green Investments Partnership (GIP)[1] managed by Pentagreen Capital, serving as the lead coordinator for its senior tranche.
Catalysing innovative financing solutions for Asia’s energy transition
Launched by the Monetary Authority of Singapore, FAST-P brings together public, private and philanthropic capital to help address Asia’s infrastructure needs by using blended finance structures to mobilise commercial and concessional capital towards green and transition investments.ETAF was established to mobilise blended finance for Asia’s energy transition by supporting different pathways to reduce reliance on coal-fired power generation. Its displacement strategy supports emissions reduction by financing renewable energy, grid modernisation, energy storage and other clean energy solutions that reduce reliance on, and utilisation of, coal-fired power generation. Its replacement strategy supports the managed phase-out of coal by financing renewable energy, energy storage and supporting grid infrastructure to replace coal-fired power generation over time.
In its first phase, ETAFCo will focus on investments in clean energy transition and grid infrastructure projects to advance displacement. By improving risk allocation and supporting bankable transition infrastructure, ETAFCo seeks to mobilise additional pools of capital for Asia’s energy transition.
Lily Choh, Group Head of Asset Management at Clifford Capital, which manages ETAF, said, “We are pleased to partner DBS as they come onboard as the senior debt financier for ETAF. Its participation strengthens ETAF’s ability to mobilise capital for energy transition infrastructure and reflects the important role of blended finance in bringing together public and private capital at scale.”
Shilpa Gulrajani, Head of Sustainable Finance, Institutional Banking Group, DBS, said: “Asia’s energy transition requires pragmatic and scalable financing solutions that can accelerate the deployment of cleaner energy infrastructure today while creating the conditions for deeper decarbonisation over time. The Energy Transition Acceleration Finance fund represents an innovative approach to bridging this gap by supporting projects that can meaningfully reduce reliance on coal-fired generation and strengthen grid readiness for a lower-carbon future.”
Simon Ong, Group Head of Financial Institutions and Government-Linked Corporations, DBS, said: “As the inaugural debt financier to the Energy Transition Acceleration Finance fund, DBS is pleased to be working with Clifford Capital to support this important milestone under FAST-P. The transaction demonstrates how blended finance structures can help mobilise private capital towards critical transition projects and reflects our continued commitment to enabling Asia’s journey towards a more resilient and sustainable energy system.”
[1] https://www.pentagreen.com/pentagreen-capital-green-investments-partnership-programme-size-reaches-us-800-million-at-second-close.html
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
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 established a third line of business managing third party capital in 2025. Licensed by the Monetary Authority of Singapore, Clifford Capital Asset Management 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.
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Euromoney, Global Finance, The Banker
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