Actis, a growth markets investor in sustainable infrastructure, has acquired a 100 percent stake in Barghest Building Performance (bbp), a Singapore-based energy-savings-as-a-service (ESaaS) provider for heating, ventilation and air conditioning (HVAC) systems in Asia.
Actis said in a statement on Tuesday that the investment by Actis aims to enable bbp to undertake larger projects to further accelerate its growth.
Bbp provides innovative energy efficiency solutions which aim to unlock up to 40 percent energy savings through a combination of patented software, proprietary know-how, sensors and controllers.
The firm’s platform is complemented by machine learning and artificial intelligence (AI), modelled using real data from more than 400,000 refrigeration tons (RT) of cooling systems optimized by bbp across nine markets in Asia.
In addition to optimizing existing cooling systems, bbp also selectively upgrades customer equipment using its proprietary know-how, achieving higher potential savings for customers at a lower capital expense.
The firm typically funds the deployment of its optimization solutions and clients’ HVAC equipment upgrade, enabling asset owners and operators to focus on their core competencies while enjoying savings and carbon emission reductions.
The business serves operations like semiconductor and pharmaceutical manufacturing, data centers, district cooling plants, hospitals, and commercial buildings.
Among its customer base are three of the world’s top ten semiconductor manufacturers, Fortune 500 companies and some of Asia’s top 20 commercial real estate firms.
Through bbp’s services, customers have avoided 312,000,000kg CO2e and saved approximately $92 million.
According to the statement, Actis’ investment aims to capitalize on the macro-tailwinds in Southeast Asia’s energy efficiency sector, with businesses seeking to increase their energy efficiency to reduce costs and carbon emissions as well as meet regulatory requirements.
It is noted that Singapore’s National Environment Agency has set Minimum Energy Efficiency Standards (MEES) for chilled water systems in industrial facilities, with energy-intensive facilities such as those used in semiconductor manufacturing needing to meet MEES by December 2025.
Other industrial facilities, such as those used in the pharmaceuticals sector, have until December 2029 to meet the new standards.
“Cooling systems can be very energy intensive and bbp’s Energy-Savings-as-a-Service offering has a key role to play to help businesses reduce their costs and carbon emissions,
“Energy efficiency is key to decarbonization and we’re delighted to be acquiring an innovative leader in this field with bbp. We believe it has a bright future ahead of it and we look forward to accelerating its growth,” said Asanka Rodrigo, Partner, Energy Infrastructure at Actis.
Boon Chye Hoe, bbp’s Chief Executive Officer, will continue in his role to lead the organisation’s 120-person strong team and scale the platform for future growth, said the statement.
“Space cooling typically consumes up to 60% of an asset’s energy usage in Asia,
“With more than 400,000 RT of cooling systems optimised across 9 markets and generating savings year-over-year, bbp is excited to partner with our clients and Actis to further unlock value through cooling systems,” Boon Chye Hoe, Chief Executive Officer at bbp.
Bbp marks the latest investment from Actis’ SFDR Article 9 aligned Asia Climate Transition strategy.
Its previous investments include backing BGPL, a smart metering joint venture with EDF India, and Korean solar platform Argo Energy.
Singapore, UK collaborate on energy transition, sustainable infrastructure investments in SEA