BII and FMO support BECIS with $ 50 mn for India, SE Asia Renewables

17 Apr 2024 CW Team

According to the press release, BECIS aimed to avoid 319,000 tonne of CO2 emissions per year by 2025 as it expanded its portfolio to 346 MW, offering cleaner and lower-cost electricity to its customers to displace on-grid power.

It was stated in the press release that this would support India's goal of achieving 40 GW of rooftop solar capacity by 2026, as part of a larger ambition to install 500GW of renewable energy capacity by 2030. India had installed 183.5GW of renewable energy capacity as of Feb 2024.

The confidence of BII and FMO in BECIS' vision and capabilities to revolutionize the energy sector across these economies was underscored by the loan commitment.

Christina Scott, British Deputy High Commissioner to India, expressed, "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."

BECIS offers various services including rooftop solar, bioenergy, and energy efficiency solutions, tailored to meet the diverse needs of businesses and communities across Asia.

Srini Nagarajan, Managing Director and Head of Asia at BII, commented, "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."

Eren Ergin, CEO of BECIS, stated, "The funding will enable us to further expand our operations and accelerate the adoption of sustainable energy solutions in the region."

The joint financing facility will support BECIS' expansion and the implementation of their innovative energy solutions across India, Vietnam, the Philippines, Indonesia, Thailand, and Malaysia, in response to the increasing demand for clean and affordable energy within these economies.

British International Investment (BII), the UK's development finance institution and impact investor, along with FMO, the Dutch entrepreneurial development bank, jointly announced their commitment to provide a loan of $50 million to BECIS, a leading energy-as-a-service (EaaS) provider in South and South-East Asia. According to the press release, BECIS aimed to avoid 319,000 tonne of CO2 emissions per year by 2025 as it expanded its portfolio to 346 MW, offering cleaner and lower-cost electricity to its customers to displace on-grid power. It was stated in the press release that this would support India's goal of achieving 40 GW of rooftop solar capacity by 2026, as part of a larger ambition to install 500GW of renewable energy capacity by 2030. India had installed 183.5GW of renewable energy capacity as of Feb 2024. The confidence of BII and FMO in BECIS' vision and capabilities to revolutionize the energy sector across these economies was underscored by the loan commitment. Christina Scott, British Deputy High Commissioner to India, expressed, 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. BECIS offers various services including rooftop solar, bioenergy, and energy efficiency solutions, tailored to meet the diverse needs of businesses and communities across Asia. Srini Nagarajan, Managing Director and Head of Asia at BII, commented, 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. Eren Ergin, CEO of BECIS, stated, The funding will enable us to further expand our operations and accelerate the adoption of sustainable energy solutions in the region. The joint financing facility will support BECIS' expansion and the implementation of their innovative energy solutions across India, Vietnam, the Philippines, Indonesia, Thailand, and Malaysia, in response to the increasing demand for clean and affordable energy within these economies.