Convergence has awarded a feasibility study grant under the Asia Climate Solutions Design Grant to Schneider Electric to support the structuring of Schneider Electric Energy Access Asia II (SEEAA-II), a proposed $60–80 million blended finance equity fund focused on accelerating a fair energy transition across South and Southeast Asia, including India, Indonesia, Vietnam, and the Philippines. The fund will invest in scalable, technology-enabled clean energy ventures across the energy value chain, including renewable energy generation, energy efficiency, energy management, circular economy, and green finance solutions, with a focus on addressing the persistent early-stage financing gap faced by climate ventures in the region. Backed by Schneider Electric as an anchor investor, SEEAA-II combines catalytic capital with hands-on technical expertise and operational support, by leveraging Schneider Electric’s global network and strong local presence across Asia to help portfolio companies scale sustainably and strengthen commercial viability.
South and Southeast Asia are projected to account for more than half of global energy demand growth through 2035, yet the region continues to face severe energy poverty, with more than 75 million people lacking access to electricity. Early-stage clean energy ventures also face a persistent financing gap due to limited Seed-to-Series A capital and insufficient technical support to scale commercially. SEEAA-II seeks to bridge this gap by providing catalytic capital alongside technical assistance, operational expertise, and strategic partnerships to help climate ventures cross the “valley of death” and unlock larger pools of commercial capital.
The fund is expected to generate significant climate and development outcomes, targeting approximately 3 million tonnes of CO2 emissions avoided, 3.5 million beneficiaries reached through improved access to clean energy solutions, and the creation of 5,000 green jobs across the region. SEEAA-II builds on the strong track record of SEEAA-I, a ~€20.9 million fund that has been fully deployed across 13 portfolio companies supporting clean energy access across Asia.
Design question and learning potential from the market: How can the SEEAA-II model demonstrate a replicable blueprint for corporate-led blended finance funds?
The fund also seeks to demonstrate that a corporate-backed platform can play a catalytic role beyond traditional corporate venture capital or corporate social responsibility models by combining catalytic capital with hands-on technical assistance, operational support, and strategic partnerships to improve the commercial scalability of early-stage climate ventures. As Schneider Electric’s first blended finance fund structure, SEEAA-II aims to generate valuable market learnings on the level and structure of concessional capital required to mobilize institutional and private investors into higher-risk clean energy sectors, particularly for Seed-to-Series A companies facing persistent financing gaps. The model also has strong replication potential, serving as a blueprint for how other corporations can use blended finance approaches to scale corporate-backed impact investing platforms globally.
The grant will support Schneider Electric in refining the blended finance structure, strengthening fundraising efforts, and engaging potential concessional and commercial investors through Convergence’s regional and global investor network.
