From left to right: Simon Ong, Group Head of Financial Institutions and Government-Linked Corporations, DBS Bank; Billy Betts, Head of Project Finance, Cathay United Bank; Munib Madni, CEO, FAST-P Office; Gillian Tan, Assistant Managing Director, Monetary Authority of Singapore (MAS); Marat Zapparov, CEO, Pentagreen Capital; Leong Sing Chiong, Deputy Managing Director, Monetary Authority of Singapore (MAS); Rapheal Erasmus, Managing Director, Pentagreen Capital; Yong Kai Wen, Senior Vice President, Pentagreen Capital; Kwok Pin Lim, Head of Structured Debt Solutions, DBS Bank; Kelvin Wong, Chief Sustainability Officer, DBS Bank; Eleana Yip, Head of Leveraged and Syndicated Finance, Cathay United Bank; Michael Wen, Executive Vice President, Cathay United Bank
Singapore, 20 May 2026 – Pentagreen Capital Fund Management Pte. Ltd., today announced the second close of the Green Investments Partnership (“GIP”), a flagship blended finance programme under Singapore’s Financing Asia’s Transition Partnership (“FAST-P”), bringing the committed capital from US$510 million to US$800 million. Pentagreen Capital is the sustainable infrastructure debt financing platform established by HSBC and Temasek.
As one of the largest privately managed Asia-focused blended finance programmes, the GIP is the first platform under the FAST-P initiative to reach closing. The latest partners joining the GIP at the second close include commercial capital providers DBS and Cathay United Bank, each entering into senior tranche lending arrangements with GIP, as well as a new industry partner joining the junior portion of the programme. A number of existing partners have also increased their participation at second close.
Launched by the Monetary Authority of Singapore (“MAS”), FAST-P brings together public, private and philanthropic capital to help finance Asia’s green transition. Under FAST-P, the GIP programme seeks to deploy blended debt financing to support capital-constrained sustainable infrastructure projects in Southeast and South Asia. GIP will support projects critical to the Asia’s energy transition, serving to strengthen the region’s economic resilience, energy security and connectivity and enhancing Singapore’s strategic position as a regional sustainable finance hub.
Developing economies in Asia require an estimated US$1.7 trillion of infrastructure investments annually until 2030 to meet their development and climate goals. The GIP was conceived to address the region’s pressing climate finance gap by using an innovative blended and tiered capital structure to crowd in capital at scale. By de-risking infrastructure investments in Southeast and South Asia for international participants, the GIP aims to unlock capital for innovative and capital-intensive infrastructure situations.
Pentagreen Capital has a strong pipeline of green and sustainable infrastructure opportunities in Southeast and South Asia, across sectors including renewable energy and storage, electric vehicle infrastructure, sustainable transport, and water and waste management.
Marat Zapparov, Chief Executive Officer of Pentagreen Capital said: “The second close of the Green Investments Partnership reflects the strong momentum it has achieved since launch. The growing number of partners demonstrates increasingly widespread recognition of the critical importance of blended finance to mobilising the funding required for Asia’s energy transition, to deliver stronger economic resilience and common prosperity in the region.”
Munib Madni, CEO of the Financing Asia’s Transition Partnership (FAST-P) office said: “FAST-P is encouraged by the continued progress of GIP and the momentum it has achieved at its second close. Pentagreen Capital has played an important role in developing and implementing GIP, and FAST-P appreciates the commitment of both existing and new partners who have chosen to participate in GIP. Their collective support underscores the role that well-structured vehicles can play in mobilising capital for Asia’s green and sustainable infrastructure and advancing the region’s broader transition objectives.”
Kelvin Wong, Chief Sustainability Officer at DBS said: “Transition projects have historically struggled to attract commercial financing at scale because of perceived risks associated with such undertakings. The FAST-P initiative is a prime example of public-private partnerships to crowd in capital that Asia’s transition urgently needs. By stepping in as lead coordinator of the senior tranche for the Green Investment Partnership, DBS is honoured to be one of the first commercial banks supporting this effort to help de-risk and scale the availability of bankable projects. This reflects our enduring commitment to stay the course in enabling the region’s low-carbon transition to shape a more resilient and sustainable future for generations to come.”
Michael Wen, Executive Vice President at Cathay United Bank said: “Cathay United Bank has long been deeply engaged in sustainable finance and has continued to deepen its domestic and overseas presence. We are pleased to work with the Monetary Authority of Singapore, Temasek and HSBC on the second close of GIP, marking Cathay United Bank’s participation in this important blended finance platform as the inaugural Taiwanese bank. This milestone underscores Cathay United Bank’s role in supporting international sustainable finance cooperation, while advancing our expansion across the Asia Pacific region and contributing our experience in sustainability.”
Marat Zapparov, CEO, Pentagreen Capital, speaking at "Capital at Work: FAST-P Funds in Action” at Ecosperity Week 2026.
Green Investments Partnership (GIP) partners at Ecosperity Week 2026.
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