BE C&I Solutions Holding Pte. Ltd. (BECIS), an energy-as-a-service (EaaS) provider based in Singapore, announced a $53-million equity funding round on Monday.
The round was backed by existing shareholders including FMO, the Dutch entrepreneurial development bank; KLP Norfund Investments; firms based in Norway; Pula Investments (represented by Berkeley Energy); and Siemens Financial Services (SFS), the B2B financing arm of Siemens.
“The equity commitment from our shareholders demonstrates their confidence in our growth vision. Combined with recent debt financing, this funding will enable us to accelerate the adoption of sustainable energy solutions across the region,” said Eren Ergin, CEO of BECIS, in a statement.
Ludger Middendorp, manager – private equity at FMO, added that BECIS’s mission is to provide clean energy infrastructure for corporate clients, along with its contribution to create jobs, which aligns strongly with FMO’s mission to advance SDG 8 and SDG 13.
“By enabling its strategic markets to move closer to achieving renewable energy targets and transitioning from centralised to decentralised energy generation and utilisation, BECIS is making a meaningful impact,” he said.
The new equity infusion, coupled with recent debt financing, positions the company to execute its growth strategy effectively, enhancing its leading EaaS platform to support multinational corporations with their sustainability and decarbonisation objectives.
In July, BECIS secured a loan of $30 million from infrastructure financing platform Clifford Capital; and Pentagreen Capital, an SG-based debt financing firm established by HSBC and Temasek. The loan was to support finances for 14 separate decentralised installations to convert agricultural waste and other sustainably sourced feedstock into renewable steam.
The projects will be located at industrial and manufacturing sites of various industries, such as food and beverage, consumer goods, construction materials, and agricultural products across Indonesia, Thailand, Cambodia, the Philippines, and India.
Also, BECIS got a joint loan commitment of $50 million from British International Investment (BII), the UK’s development finance institution and impact investor; and FMO in April. In total, this year the firm has received $80 million in loans.
BECIS is an EaaS provider that develops, constructs, operates and owns distributed energy solutions. The company specialises in waste heat recovery, biogas and bioenergy, onsite solar solutions, storage and energy analytics, among others.
It oversees eight key markets — India, Thailand, Indonesia, Vietnam, Philippines, Malaysia, China, and Cambodia. Danon, Continental, Mercedes-Benz, Singapore Airlines Engineering, LG Electronics, Whirpool and Reckitt are among its clientele.
BECIS aims to achieve a portfolio of over 600 MWp in Solar assets and 400 TPH in Bioenergy capacity, along with significant expansion of its New Solutions segment, within the next two years.
