To support energy transition and develop green digital infrastructure in Southeast Asia.
The Project is proposing USD 120 million investment into Seraya Southeast Asia Energy Transition and Digital Infrastructure Fund (the Fund) including a co-investment sleeve of up to USD 60 million. On May 11, 2026, AIIB executed a secondary transition to sell 50% of its stake in the Fund to GenZero. Post-transaction, AIIB's net commitment in the Fund is USD 30 million plus a co-investment sleeve of up to USD 60 million.
The Fund targets control-oriented, middle-market investments in next generation infrastructure in Southeast Asia, China, and Korea, focusing on the digital infrastructure and energy transition sectors. The Fund is a parallel fund of Seraya Fund I L.P. (the Main Fund).
Applicable Policy and Categorization. The Bank’s Environmental and Social Policy (ESP), including the Environmental and Social Exclusion List (“ESEL”), Environmental and Social Standards (ESSs), applies to this Project. The Project is categorized FI, as the financing structure involves a parallel fund with Seraya main fund, where AIIB delegates the Fund Manager for decision-making on the use of the Bank funds. This includes the selection, appraisal, approval, and monitoring of subprojects in accordance with AIIB’s ESP requirements. The environmental and social (E&S) instrument is Seraya’s Environmental and Social Management System (ESMS), enhanced as required to be consistent with AIIB’s ESP.
Environmental and Social Management System. Seraya has an ESG policy which the Fund Manager has upgraded to align with AIIB ESP. Seraya is committed to applying the IFC Performance Standards 2012, ILO Core Labor Standards, UN Guiding Principles on Business and Human Rights, among other E&S laws in the jurisdictions of the Fund and its subsidiaries operations. Seraya’s ESMS includes an enhanced ESG Policy designed to (i) screen subprojects against exclusion list, (ii) assign an E&S risk categorization, (iii) conduct E&S due diligence with action plan, (iv) monitor E&S risks and impacts of the subprojects and (v) report to its management accordingly. In addition, coal mining, coal transportation and coal-fired power plants, as well as infrastructure services exclusively dedicated to support any of these activities and gas-related sub-projects, are excluded. Category A subprojects are excluded from this Project.
Gender and Vulnerable People. Per Seraya’s current ESG policy, the Fund Manager will not condone discrimination in the firm based on ethnicity, gender, disability, socioeconomic background, etc.
Occupational Health and Safety. Eligible subprojects will conform with the labor laws and standards of host countries and AIIB’s ESP. The anticipated OHS risks and impacts of the fund and its subprojects are expected to be localized, temporary and can be mitigated through appropriate OHS management plans that are commensurate with the level of such construction or civil works. Particular attention will be given to workers being transported to offshore wind farm vessels, which will be mitigated by the platform company-level OHS management program.
Labor and Working Conditions. Seraya applies fair, merit-based employment practices aligned with Singapore’s Tripartite Alliance for Fair and Progressive Employment Practices. A Diversity, Equity, and Inclusion policy is in place providing equitable remuneration and annual performance reviews.
Environmental and Social Aspects. The Fund targets investment in four sectors: offshore wind farm vessels, electric vehicle chargers, autonomous vehicle leasing, and green data center. They may generate solid waste, wastewater, noise, and disturbance to nearby residents and potentially pollute the ocean, disturbing local ecology, and local physical and cultural resources. They are mostly site-specific, few if any of them are irreversible, and in most cases mitigation measures can be designed and implemented in accordance with enhanced ESMS. Seraya will develop sectoral-specific E&S guidance to identify potential risk and require a mitigation plan to align with ESP requirements. Seraya is a UN PRI signatory, has committed to TCFD and therefore it committed to climate risk management processes being integrated into overall risk management and decision-making of the Project. The Fund Manager’s climate risk considerations are currently advancing and it’s committed to robust climate risk assessment and disclosure in line with TCFD recommendations.
Information Disclosure and Project Grievance Redress Mechanism (GRM). Seraya has published on its fund website the ESGMS overview, and information of three established platform companies. Enhanced ESMS has also been disclosed in an appropriate manner. In addition, the platform companies will further disclose asset/project level information on their website. For all higher risk B subprojects, Seraya will be required to disclose annual E&S documentation during the preceding 12 months, unless such disclosure is subject to the host country’s regulatory requirements, market sensitivities or consent of the sponsors. Seraya has established an external communication mechanism (ECM), including contacts and processes to receive inquiries, in English and the languages of the host countries on specific subprojects and aligned to AIIB’s ESP requirements. The ECM has been upgraded to a group-level Grievance Redress Mechanism (GRM) for the Project, which is made available to Project-Affected People and Project contracted workers and also provides related stakeholders the information on AIIB’s Project-Affected People’s Mechanism (PPM) in an appropriate manner. Under the enhanced GRM, Seraya requires subsidiaries to establish a suitable subproject-level GRM and inform people in the project’s footprint about its availability timely.
Monitoring and Reporting Arrangement. During project implementation, AIIB requires submission of annual E&S monitoring reports from the Fund in an agreed format to update the implementation of the enhanced ESMS, and a summary of the E&S performance of each subproject. AIIB will conduct post-reviews of the selection and implementation of subprojects as part of its regular supervision, comprising engagement with the Fund, potential site visits and detailed review of the E&S documentation of selected sub-projects.
Asian Infrastructure Investment Bank
Jingyi Zhang
Senior Investment Officer
Danni Li
Investment Officer
