BII and FMO Commit $50 Million to Propel Clean Energy Innovator BECIS in South and South-East Asia

BII and FMO Collaborate to Fuel Expansion of BECIS’ Renewable Solutions Across Asia

In a landmark move, British International Investment (BII) and FMO, the Dutch entrepreneurial development bank, have announced a joint loan commitment of US$50 million to BECIS, a pioneering energy-as-a-service (EaaS) provider in South and South-East Asia.

BECIS, renowned for its diverse range of energy solutions including rooftop solar, bioenergy, and energy efficiency offerings, is poised to transform the energy landscape across Asia. Their dedication to sustainability is evident through strategic partnerships and cutting-edge technologies aimed at optimizing energy consumption and promoting renewable energy sources.

The infusion of funds from BII and FMO will serve to fuel BECIS’ expansion endeavors across key markets such as India, Vietnam, the Philippines, Indonesia, Thailand, and Malaysia. This strategic move comes amidst a burgeoning demand for clean and accessible energy solutions within these burgeoning economies.

With plans to increase its portfolio to 346MW by 2025, BECIS is projected to mitigate a substantial 319,000 tonnes of CO2 emissions annually, furthering environmental sustainability goals. This initiative aligns with India’s ambitious targets of achieving 40GW of rooftop solar capacity by 2026 and installing 500GW of renewable energy capacity by 2030, with the nation already boasting 183.5GW of installed renewable energy capacity as of February 2024.

The collaboration between BII, FMO, and BECIS transcends mere financial support, symbolizing a unified commitment to driving sustainable development and fostering innovation throughout Asia. Christina Scott, British Deputy High Commissioner to India, emphasized the significance of accelerating climate-resilient development as a cornerstone of the UK-India partnership.

Srini Nagarajan, Managing Director and Head of Asia at BII, underscored the pivotal role of development finance institutions (DFIs) in combatting the climate emergency by supporting India’s transition to low-carbon energy solutions. Jeesun Han, Manager Energy at FMO, reiterated their commitment to supporting BECIS in expanding its clean energy offerings across the region.

Eren Ergin, CEO of BECIS, expressed gratitude for the vote of confidence from BII and FMO, highlighting the funding’s instrumental role in advancing their mission of driving sustainable energy adoption and facilitating net-zero targets for customers.

As BII and FMO continue to champion partnerships that drive sustainable development and economic growth, the investment in BECIS stands as a testament to their shared vision for a prosperous and environmentally conscious future across Asia.