Singapore MAS, Temasek-Backed $15 Billion Infrastructure Credit Platform Clifford Capital & Private Infrastructure Development Group (PIDG) Raised $250 Million in First Close for Blended Finance Fund – Energy Transition Acceleration Finance Partnership (ETAF) with 2 Strategies 1) Displacement Strategy to Support Investments in Grid Modernisation & Energy Transition Infrastructure Projects to Accelerate Displacement of Fossil Fuel-Based Power Generation & 2) Replacement Strategy Focusing on Replacing Coal-Fired Power Generation with Lower-Emissions Power Sources
25th June 2026 | Hong Kong
The Monetary Authority of Singapore (MAS), Temasek-backed infrastructure credit platform Clifford Capital ($15 billion AUM) & Private Infrastructure Development Group (PIDG) have raised $250 million in first close for blended finance fund – Energy Transition Acceleration Finance Partnership (ETAF) with 2 strategies 1) Displacement strategy to support investments in grid modernisation & energy transition infrastructure projects to accelerate displacement of fossil fuel-based power generation & 2) Replacement strategy focusing on replacing coal-fired power generation with lower-emissions power sources. Announcement (24/6/26): “The Monetary Authority of Singapore (MAS), Clifford Capital, and the Private Infrastructure Development Group (PIDG) today announced that the Energy Transition Acceleration Finance partnership (ETAF) has achieved its first close with US$250 million in committed capital for its displacement strategy. The ETAF is a blended finance fund under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative. To address different transition pathways in Asia, ETAF adopts (i) a displacement strategy which supports investments in grid modernisation and other energy transition infrastructure projects to accelerate the displacement of fossil fuel-based power generation; and (ii) a replacement strategy focusing on replacing coal-fired power generation with lower-emissions power sources. Through blended finance and risk-sharing mechanisms, ETAF seeks to mobilise capital into earlier-stage or higher-risk energy transition infrastructure investments where financing is not otherwise available at a sufficient scale, tenor, or risk appetite. As these investments mature and their risk profiles improve over time, ETAF aims to crowd in a broader pool of commercial and institutional investors. MAS and PIDG are ETAF’s first close catalytic capital providers. Temasek is also expected to contribute catalytic capital from its Concessional Capital for Climate Action, funded by Temasek’s community gifts, subject to definitive agreements. DBS Bank is participating as a senior lender to ETAF. GuarantCo, part of PIDG, has provided a guarantee for ETAF’s mezzanine financing structure, to enhance its risk-return profile and crowd in additional commercial investment. Clifford Capital Asset Management, Clifford Capital’s wholly owned asset manager, will act as the fund manager for ETAF. FAST-P’s ETAF, GIP and Industrial Transformation Programme (ITP) were established to address Asia’s infrastructure needs by using blended finance structures to mobilise commercial and concessional capital towards green and transition investments. The Singapore Government has pledged up to US$500 million in concessional capital under FAST-P, with the aim of catalysing up to US$5 billion in investments to support Asia’s green transition.”
“ Singapore MAS, Temasek-Backed $15 Billion Infrastructure Credit Platform Clifford Capital & Private Infrastructure Development Group (PIDG) Raised $250 Million in First Close for Blended Finance Fund – Energy Transition Acceleration Finance Partnership (ETAF) with 2 Strategies 1) Displacement Strategy to Support Investments in Grid Modernisation & Energy Transition Infrastructure Projects to Accelerate Displacement of Fossil Fuel-Based Power Generation & 2) Replacement Strategy Focusing on Replacing Coal-Fired Power Generation with Lower-Emissions Power Sources “
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Gillian Tan, Assistant Managing Director (Development & International) of MAS: “ETAF’s successful first close demonstrates FAST-P’s growing momentum and traction. Through innovative blended finance models and guarantee mechanisms, FAST-P is bringing a broader coalition of partners together to meet Asia’s transition financing needs.”
Munib Madni, Chief Executive Officer of the FAST-P Office: “We thank Clifford Capital, PIDG and all partners supporting ETAF’s first close for their collaboration and commitment. ETAF demonstrates how the FAST-P platform can bring together complementary partners, capital providers and risk-sharing solutions to develop investable transition finance vehicles. Achieving first close establishes a strong foundation for ETAF’s next phase of growth and for mobilising additional capital towards Asia’s transition infrastructure needs.”
Murli Maiya, Chief Executive Officer of Clifford Capital: “We are grateful for the trust placed in us to manage ETAF, and appreciate the support of all partners. ETAF’s blended finance structure is designed to mobilise capital towards projects that accelerate the displacement of fossil fuel-based generation through grid modernisation and other transition infrastructure investments, while addressing barriers that have traditionally constrained investment in transition opportunities. We look forward to working with our partners to scale and support Asia’s energy transition.”
Philippe Valahu, Chief Executive Officer of PIDG: “PIDG is pleased to partner with MAS, FAST-P, Clifford Capital and other stakeholders in supporting ETAF. The successful first close demonstrates the value of bringing together complementary forms of capital and expertise to address Asia’s transition financing needs. Bringing our de-risking capabilities to the fund with guarantee support and catalytic capital, PIDG is helping to mobilise additional private institutional investment. We look forward to continuing our collaboration with the partners to expand access to transition finance across the region.”
Singapore MAS, Temasek-Backed $15 Billion Infrastructure Credit Platform Clifford Capital & Private Infrastructure Development Group (PIDG) Raised $250 Million in First Close for Blended Finance Fund – Energy Transition Acceleration Finance Partnership (ETAF) with 2 Strategies 1) Displacement Strategy to Support Investments in Grid Modernisation & Energy Transition Infrastructure Projects to Accelerate Displacement of Fossil Fuel-Based Power Generation & 2) Replacement Strategy Focusing on Replacing Coal-Fired Power Generation with Lower-Emissions Power Sources
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