Infrastructure fund manager Actis has acquired Barghest Building Performance (BBP), an energy-savings-as-a-service (ESaaS) provider in Asia.
The seller and price were not disclosed; however, KKR in 2018 invested in the Singapore-based provider of energy savings solutions for heating, ventilation and air conditioning systems in commercial and industrial buildings.
Tembusu Partners also had an investment in BBP that it exited in March 2018.
BBP’s platform is modelled using data from over 400,000 refrigeration tons (RT) of cooling systems optimised across nine Asian markets.
The Actis investment, which is being made via its Asia climate transition strategy, is intended to accelerate BBP’s growth by facilitating larger projects.
Asanka Rodrigo, partner, energy infrastructure at Actis, said: “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 decarbonisation 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.”
Boon Chye Hoe, BBP’s CEO, said: “Space cooling typically consumes up to 60% of an asset’s energy usage in Asia. With more than 400,000RT 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.”
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