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BII and FMO back BECIS with joint USD 50 million financing facility

Mumbai – April 16, 2024 – British International Investment (BII), the UK’s development finance institution and impact investor, and FMO, the Dutch entrepreneurial development bank, today announced a joint loan commitment of US$50 million to BECIS, a leading energy-as-a-service (EaaS) provider in South and South-East Asia.

BECIS offers a wide array of services, such as rooftop solar, bio energy and energy efficiency solutions, tailored to meet the diverse needs of businesses and communities across Asia. With a strong commitment to sustainability, BECIS leverages advanced technologies and strategic partnerships to optimise energy consumption, drive the adoption of renewable energy sources, enhance operational efficiency, build resilient energy infrastructure, and promote energy literacy within communities.

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The joint financing facility will be used to fuel BECIS’ expansion and back their groundbreaking energy solutions across India, Vietnam, the Philippines, Indonesia, Thailand and Malaysia. This is in response to the growing demand for clean and affordable energy within these economies.

As BECIS brings its portfolio to 346MW by 2025, it aims to avoid 319,000 tonnes of CO2 emissions per year by offering cleaner and lower-cost electricity to its customers to displace on-grid power.

This will support India’s goal to achieve 40GW of rooftop solar capacity by 2026[1], on the back of a bigger ambition of installing 500GW of renewable energy capacity by 2030. As of Feb 2024, India has installed 183.5GW of renewable energy capacity.

The loan commitment from BII and FMO underscores their confidence in BECIS’ vision and capabilities to revolutionise the energy sector across these economies. This partnership goes beyond just providing finance; it is a symbol of the DFIs’ united mission to propel sustainable development and cultivate innovation across Asia.

Christina Scott, British Deputy High Commissioner to India, said: “Accelerating climate resilient development is a key pillar of the 2030 Roadmap for the UK-India partnership. Developing rooftop solar projects for the commercial and industrial sector provides a sustainable path to reduce carbon emissions whilst supporting economic growth. Today’s announcement reflects the UK’s ongoing commitment to support India’s clean energy transition and decarbonisation targets.”

Speaking on the investment, Srini Nagarajan, Managing Director and Head of Asia at BII, expressed: “We are increasingly focusing our investments in India on combating the climate emergency. The commitment to commercial and industrial renewables reflects the evolving landscape of energy production, where DFIs can play a key role by providing climate finance to support India’s low-carbon transition. Collaborations with trusted partners like BECIS and FMO underscore the collective effort to mitigate climate change by reducing reliance on traditional on-grid electricity sources.”

Jeesun Han, Manager Energy at FMO, stated: “We are pleased to continue supporting BECIS’s efforts in expanding its clean energy generation and efficiency solutions in South and South-East Asia. BECIS’s service is valuable to its commercial and industrial consumers by meeting their high energy demand in cost-efficient and reliable manners from clean energy sources.”

Eren Ergin, CEO of BECIS commented: “This loan commitment from BII and FMO represents trust and confidence from esteemed partners in our existing capabilities and growth plans. The funding will enable us to further expand our operations and accelerate the adoption of sustainable energy solutions in the region. We will be well positioned to help our customers achieve their net zero targets and drive sustainable growth.”

BII and FMO remain committed to fostering partnerships that drive sustainable development, innovation, and economic prosperity across Asia. This new financing in BECIS embodies their shared vision for a thriving, sustainable future for the regions.

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