Sharia-compliant green investment vehicle in the works

In Hong Kong, based private equity firm Middle East & Asia Capital Partners Pte is intent on attracting attract Islamic capital by adding a sharia-compliant investment vehicle to its clean energy fund. The company is targeting $100 million in first round of funding by mid-December. The fund already has $20 million from Asian Development Bank as seed capital, and up to $50 million from Overseas Private Investment Corp. Potential projects include geothermal as well as wind, solar, small hydropower and biomass and the investments are targeted for Asia, particularly India, Indonesia, China, the Philippines, Thailand and Vietnam.