Singapore, 24 June 2026 – DBS has announced a $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 at 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 $75 million to FAST-P’s flagship blended finance programme Green Investments Partnership (GIP) 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 at 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 at 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.”

Re-disseminated by The Asian Banker