This paper explores the role of private institutional investors in financing renewable energy projects in emerging markets and developing economies (EMDEs) as green alternative assets. It examines the innovative financing models that have emerged to address the challenges of complex market environments and inadequate financial infrastructure typical of these regions. Through a detailed case study of Lok Capital, a pioneering asset management platform in China, this research highlights the effectiveness of combining "development + holding" models and cross-domain expertise to manage risk and enhance returns. The study underscores the importance of targeting niche markets, such as distributed photovoltaics, to capitalize on growth opportunities and reduce competition with traditional energy giants. Additionally, the paper evaluates the financial benefits of investing in renewable energy projects by analyzing their risk-return profiles using Sharpe Ratios, demonstrating the potential of green infrastructure to provide superior risk-adjusted returns compared to traditional asset classes. The findings provide valuable insights into how private institutional investors can strategically contribute to closing the financing gap for renewable energy in EMDEs, promoting both economic growth and sustainable development.