S$250M
Target fund; S$150M first close
Clean energy infrastructure · Southeast Asia
Pooling small clean-energy projects into one institutional portfolio.
Building tomorrow, together.
Tessera Capital Partners is the fund manager. Tessera Keystone Fund I, a Singapore VCC fund, owns the assets (title, contracts, cash and carbon rights) inside ring-fenced project SPVs. Specialist operating partners install and run efficient cooling, rooftop solar, battery storage, and EV infrastructure for factories, malls, hospitals, and logistics campuses across Thailand, under terminable mandate. For investors, Tessera Keystone Fund I targets durable, infrastructure-grade cashflow.
Many pieces. One purpose. A better future, built together.
Base
Singapore headquarters, Bangkok operations
Operating today
Efficiency and thermal vertical active through a private operating partnership
Stage
Fund I in structuring, on an origination-grade pipeline
Team
Infrastructure and project-finance operators, Southeast Asia focused
00
Verified, modeled, and under NDA
This page separates what is public, what is modeled, and what is held for qualified counterparties under NDA. We are not naming team members, customers, or project counterparties publicly until those facts are cleared for publication.
Verified
Public claims
Jurisdiction, operating geography, platform structure, governance approach, and current parameter basis are presented as public site claims. Publicly sensitive names remain omitted until cleared.
Modeled
Indicative economics
Pipeline, return, carbon, and sizing figures are origination-grade model outputs. They are not realized performance and are subject to diligence, owner confirmation, financing terms, and definitive documentation.
NDA
Proof materials
Counterparty names, data rooms, parameter sources, model files, and asset-level diligence should sit in the protected diligence room, not on the public homepage.
Methodology basis shown publicly; underlying source pack available under NDA
Claims labeled verified or modeled
No uncleared names
Single parameter book
Version-controlled changes
Qualified access for diligence
The public proof set is intentionally limited. The active private efficiency-and-thermal operating partnership, team materials, asset-level source pack, and model files are shared only with qualified counterparties under NDA after commercial and legal clearance.
13–17%
Net IRR, equity base case
4
Asset classes underwritten
Behind-meter
Private-owner delivery
Figures are origination-grade and indicative targets, not an offer of securities and not a guarantee of returns. They depend on owner confirmation, field-verified capacity, and definitive financing. See disclosures.
01
Platform structure
Tessera Keystone is the Singapore VCC fund that owns the assets. It sits above a set of ring-fenced project SPVs, one per project, each holding the customer contract, equipment, accounts and non-recourse debt. Operating partners deliver each vertical under terminable mandate; they sit outside the ownership chain and hold no title, cash or claim.
Fund vehicle
Tessera Keystone
The Singapore fund vehicle. Fund I holds LP capital, HoldCo holds the shares in the project SPVs, and each SPV owns one project's contracts, equipment and cash. Operating partners are engaged under separate mandates and are not owned by the fund.
Vertical · OpCo
Efficiency and Thermal
The first signed operating partner. Cooling-as-a-service is the lead product, the largest single lever in cooling-dominated commercial and industrial loads, paired with LED and building-management retrofits under long-term zero-capital service structures. The installed assets are owned by Tessera Keystone's project SPVs.
More detail
Cooling-as-a-service places a high-efficiency chiller plant on the owner's site at our cost; the owner pays a service fee tied to delivered cooling. Paired with LED and building-management retrofits, it targets the largest controllable load in malls, hotels, and factories, with savings sized on the canonical tariff band of 3.85 to 4.20 THB/kWh.
Vertical · OpCo
Solar plus Storage
Distributed TOPCon photovoltaics for behind-the-meter generation, paired with LFP battery storage at current cell economics where the tariff spread justifies it. Storage is sized to the load, not bolted on by default.
More detail
Behind-the-meter TOPCon photovoltaics sized to on-site daytime load at a canonical yield of 1,380 kWh/kWp/yr, with LFP storage added at $175/kWh only where the tariff spread and load shape justify it. Generation offsets grid energy at a 0.475 tCO2/MWh emission factor.
Vertical · OpCo
Mobility · EVaaS
Electric-vehicle infrastructure delivered as a service. Charging and fleet electrification for commercial owners, owned by the fund and operated by partners under the same discipline as the energy verticals.
More detail
Charging and fleet-electrification infrastructure for commercial owners, financed through the same fund and operated by partners under the same parameter discipline as the energy verticals, so it underwrites the same way rather than as a separate venture.
Where we operate, by region (private owners, not named publicly)
02
Pipeline and discipline
Tessera Keystone originates from a screened private-owner pipeline of many owners. Every opportunity is normalized to one parameter book and graded for commitment readiness before it enters the investable vintage. Averaged into a single number, the pipeline would mislead, so we hold it as a barbell: a near-term investable core, an anonymized methodology-calibrated reference case, and a develop-stage pipeline behind both.
Core
~15–16% blended
The investable vintage. Commercial real estate, industrial, and healthcare assets where cooling, thermal, and daytime electrical loads support contracted behind-the-meter infrastructure. Fast paybacks, levered to a mid-teens equity return.
Anchor
12.4% conservative floor
Our most conservatively modeled deal (60% LTV, carbon excluded): a methodology-calibrated reference case run on a full engine waterfall, available to qualified counterparties under NDA. It sets the downside floor and proves the underwriting discipline without exposing uncleared counterparties publicly. The representative underwrite below shows the full case.
Develop
PV+BESS and efficiency carve-outs
Private-owner opportunities where the bankable product lines are clear, but owner conversion, survey, or definitive financing still has to land before commitment.
Feasibility
Surveyed capacity
Real private-owner demand awaiting field verification. No financed return is claimed until areas, load, and contract path are verified. This is the pipeline behind the next vintage.
| Asset class | How we deliver it | Indicative equity return | Role |
|---|---|---|---|
| Commercial real estate | Rooftop and carport solar, cooling-as-a-service chiller retrofits, LED and building-management systems for listed mall, office, and hotel owners. | Mid-to-high teens, fast paybacks | Return engine |
| Industrial and C&I | Behind-the-meter solar, PV+BESS, thermal, and efficiency systems for factories, logistics campuses, and industrial operators, with storage added only where the tariff spread pays for it. | Low-to-high teens, product-line dependent | Diversification and scale |
| Healthcare | Solar, cooling, thermal, and lighting product lines for private hospital groups and healthcare portfolios, scoped to the lines that clear bankability rather than multi-product blends. | Selective, product-line led | Pipeline behind the vintage |
| Mobility and EVaaS | Depot charging, fleet electrification, and behind-the-meter energy integration for commercial logistics and campus fleets. | Earlier-stage, wedge-first | Option value |
Indicative economics are computed on one canonical parameter set applied to every asset
FX 35 THB/USD
Grid EF 0.475 tCO₂/MWh
BESS $175/kWh LFP
PV yield 1,380 kWh/kWp/yr (EEC)
Tariff 3.85 to 4.20 THB/kWh
Carbon $15/t at 75% delivery confidence
Discount 8%
Senior debt ~6%
Figures are origination-grade and indicative. They are subject to owner confirmation, field-verified capacity, definitive financing terms, and diligence. This is how we underwrite, not an offer of securities. A realized track record will be published here as assets reach a financeable decision. Parameters reflect external sources and current local guidance as of June 2026 and are recalibrated on a rolling cycle; the full sourced methodology and parameter book are available to qualified counterparties under NDA. See Disclosures and the FAQ.
03
Representative underwrite
Behind the barbell sits one deal modeled to the floor: the most conservative reference case in the pipeline, run end to end on the same engine and the same parameter book every asset is raised to. It is an industrial-estate-scale distributed rooftop-solar program on the Eastern Seaboard, shown here anonymized and illustrative. We underwrite to a band, not a single number, so it is presented as downside, base, and upside rather than one headline return.
Downside · revenue -10%
8.4% equity IRR
Yield and tariff stressed together. 2.89x equity multiple by year ten, about a 12.8-year simple payback. Even stressed, the return holds above the platform's 8% discount rate.
Base · P50, 60% LTV
12.4% equity IRR
P50 generation, PPA 3.85 THB/kWh, carbon excluded. 3.55x equity multiple, about a 7.4-year payback, 10.8% project IRR. This is the conservative floor the platform is anchored to.
Upside · revenue +5%
14.3% equity IRR
Modest revenue upside on the same structure. 3.88x equity multiple, about a 6.3-year payback. No aggressive terminal value or tariff escalation is assumed to reach it.
Debt service holds through a P90 generation stress
Base min DSCR 1.35x
Average DSCR 1.94x
P90 stress min DSCR 1.14x
No default; cash locks up to the debt, it is not lost
52% LTV conservative execution point (DSCR 1.56x)
Leverage lifts equity return only modestly and tightens coverage: 45% LTV returns 11.4% at a 1.80x minimum DSCR, 52% returns 11.8% at 1.56x, and 60% returns 12.4% at 1.35x. We would execute nearer the 52% point for coverage headroom. Every figure here is an engine output on the canonical parameters, not a realized result.
Modeled on one canonical parameter set, carbon excluded from the base case
PPA 3.85 THB/kWh, 0% escalation
FX 35 THB/USD
P50 yield 1,380 kWh/kWp/yr
Senior debt 6.0%, 12-year
LTV 60% base
Carbon excluded from base
Representative and illustrative, presented anonymized. This is a methodology-calibrated reference case, engine-run and parameter-conformant, not a completed transaction and not an offer of securities. The full source pack, segment register, and per-asset detail are shared with qualified counterparties under NDA. See Disclosures.
04
Governance and parameter discipline
One parameter book governs every model and deck, change is version-controlled, and every headline return is checked against its own cashflow before it is trusted. The engine exists for repeatability: the same inputs produce the same numbers, and a thesis is never mistaken for an underwriteable deal.
Single source of truth
One parameter book
A single canonical parameter set governs every financial model, deck, and methodology document. A figure is the figure for all internal modeling and external work. Changing a value requires joint sign-off and a version bump, never a quiet override.
Change control
Versioned methodology
The underwriting methodology carries a semantic version stamp. Any change that moves an estate return by more than 50 basis points requires explicit re-approval; structural changes trigger full re-validation. Drift is caught at the document level before it reaches production.
Audit trail
Verified, dual-checked
Every key claim is recorded in a verification register with its source, and every headline IRR is independently re-derived from its own cashflow. Concentration limits cap exposure by offtaker, by industrial zone, and by product line.
Confidence grading
Graded A through D
Pipeline assets are graded A through D for commitment readiness, so feasibility capacity is never blended into committed economics. Real but unsurveyed capacity carries no financed return until areas are field-verified.
Regulatory monitoring
Calibrated to local rules
Tariff, grid emission factor, and crediting assumptions are monitored against external sources and recalibrated on a rolling annual cycle. Time-sensitive parameters are refreshed deliberately rather than left to age.
Carbon, priced conservatively
Conservative carbon framing
Where assets qualify, carbon value is engineered in from the start, then discounted for delivery risk. Behind-the-meter solar and PV+BESS may be eligible for international transfer where the project structure, authorization, and verification route support it; no grid-export value is banked without a confirmed pathway.
A
Commitment-grade
Verified economics, conformant to the parameter book. Ready for a financeable decision.
B
Near-ready
Strong economics pending one gate: owner sign-off, a survey, or a financing term.
C
Develop
Real opportunity, but only the bankable product-line cuts are investable today.
D
Feasibility
Real but unsurveyed capacity. No financed return is claimed until areas are verified.
Carbon is an underwriting input, priced conservatively and haircut for delivery risk
BTM / PV+BESS eligibility checked
Price $15/tCO₂
Delivery confidence ~75%
Grid EF 0.475 tCO₂/MWh
No grid-export value without confirmed pathway
Carbon revenue is sized at a conservative price and haircut for delivery risk before it enters any return. Behind-the-meter solar and PV+BESS eligibility is assessed case by case; internationally transferable value is not booked unless registration, authorization, verification, and transfer pathway are confirmed.
05
Risk and mitigants
Infrastructure-grade returns are made or lost on risk control, not on the headline number. Every risk we can name is paired with a structural mitigant and, where it bites returns, a modeled stress run on the same engine and parameter book every asset is raised to. This section is the public, anonymized reflection of the risk register that sits inside the platform's investment-committee paper.
| Risk | How it shows up | Structural mitigant | Modeled or evidenced |
|---|---|---|---|
| Offtaker concentration | A single tenant or counterparty group withholds consent or fails, concentrating exposure on one name. | Exposure is capped by offtaker, by industrial zone, and by product line. Offtake is contracted before commitment and every counterparty is credit-assessed. | A modeled single-cluster consent-refusal stress takes anchor-case coverage to about 1.04x, which is why single-cluster exposure above about 20% of a program is a hard flag. |
| Resource and generation | Actual solar yield comes in below the P50 estimate and thins cashflow. | Underwritten at P50, with senior debt sized to a P90 stress. Degradation and soiling are built in, and revenue assumes no tariff escalation. | At P90 the anchor case still covers debt at a 1.14x minimum; if coverage tightens further, cash locks to the debt rather than being lost. |
| Construction and delivery | EPC cost overruns or a delayed energization push the return out. | Fixed-scope EPC with a drawable contingency and funded interest during construction. Non-recourse project debt ring-fences each build. | A 12-month construction window is modeled with funded IDC and contingency before any revenue is counted. |
| Leverage and debt service | Coverage erodes as leverage rises and headroom tightens. | Executed nearer 52% LTV rather than the 60% ceiling, behind a DSCR coverage floor. Distributions are gated before default. | 45, 52, and 60% LTV map to 1.80x, 1.56x, and 1.35x minimum DSCR; the platform executes at the 52% point for headroom. |
| Currency | A THB-denominated project reported in USD moves with the cross rate. | One canonical FX of 35 THB/USD is applied across every model and the server that renders them. Revenue and most costs are both in THB, so the project is naturally matched. | The canonical rate is server-enforced, so no model or deck can quietly use a different one. |
| Regulatory and tariff | A tariff cut or a change to carbon-crediting rules moves the revenue line. | Flat-tariff underwriting with no escalation-dependent revenue, on a conservative 3.85 to 4.20 THB/kWh band. Parameters recalibrate on a rolling annual cycle and any change above 50 basis points is re-approved. | Revenue does not rely on tariff escalation, and the 2025 solar carbon-crediting exclusion is already priced in. |
| Carbon delivery | Carbon credits arrive slower or smaller than expected, or a transfer pathway does not clear. | Carbon is excluded from the base case, priced at $15/t and haircut to about 75% delivery confidence. No grid-export value is booked without a confirmed pathway. | Base-case returns stand with zero carbon, so any carbon is upside rather than load-bearing. |
| Operator dependency | An operating partner underperforms or fails. | The fund owns each asset, its title, contracts, and cash, inside a ring-fenced SPV; operators run them under terminable mandate. They hold no title, cash, or claim. | Ownership and operation are separated by design across every vertical, so an operator can be replaced without moving the assets. |
The book is underwritten to survive its own stress cases, not only its base case
Base min DSCR 1.35x
P90 stress min DSCR 1.14x, lock-up not default
Single-cluster exposure flag >20%
Execution LTV 52% at 1.56x
Carbon excluded from base
One canonical FX 35 THB/USD
Every stress shown here is an engine output on the canonical parameters, not a realized result. This section is the public, anonymized reflection of the risk register in the platform's investment-committee paper; the full register, the per-offtaker credit view, and the stress tabs are shared with qualified counterparties under NDA. See Disclosures.
06
Investment thesis
01
Own the asset, not the contract
Tessera Keystone owns each asset (title, contract, cash and claim) inside a ring-fenced SPV, funded by LP equity and non-recourse project debt, not on any operator's balance sheet. Operating partners build and run it under mandate. The return is long-dated cashflow from creditworthy private owners, not project-by-project contracting that ends when the build does.
02
Private demand, no grid dependency
Behind-the-meter delivery to multinational factories, commercial and industrial operators, and listed mall, hospital, and hypermarket owners. Demand is real, contracted, and independent of public tariff and procurement cycles.
03
Repeatable underwriting
Every opportunity runs through the same engine and the same parameter book, so a new estate, asset class, or country does not start from a blank spreadsheet. That reuse compounds across deals.
07
Get in touch
Tessera Capital Partners is structuring Tessera Keystone Fund I and has signed its first operating partner. For investor, lender, or partnership conversations, reach the platform team directly. We respond to qualified inquiries with a short call and, where appropriate, an origination-grade pipeline overview under NDA.
Step 1
Introductory call
A 30-minute call to understand your mandate, ticket size, and timeline, and to confirm fit.
Step 2
Materials under NDA
The portfolio view, confidence grades, and the anchor commitment-grade analysis, shared with qualified counterparties.
Step 3
Diligence
Methodology, parameter book, and per-asset detail, with management access for deeper questions.
Step 4
Structuring
Definitive documentation and terms. Any offering is made solely through that documentation.
Investor and lender relations
Fund I structuring, debt, and co-investment conversations. We will share the portfolio view, confidence grades, and the anchor commitment-grade analysis with qualified counterparties under NDA.
Email investor relationsNext step: a 30-minute introductory call, then materials under NDA.
Owners and partners
Commercial, industrial, healthcare, and logistics asset owners exploring behind-the-meter solar, cooling-as-a-service, storage, thermal efficiency, or fleet electrification on a long-term service structure.
Email the platform teamNext step: a scoping conversation and an engineered, parameter-conformant estimate.