Singaporean commercial and industrial (C&I) renewables developer BECIS has secured US$50 million to expand business in Southeast Asia and India.
British International Investment, the UK’s development finance institution, and Dutch entrepreneurial development bank FMO provided the funds for BECIS to expand business and launch energy solutions in Vietnam, the Philippines, Indonesia, Thailand, Malaysia and India. While BECIS did not specify how the money would be invested, the company aims to grow its rooftop solar portfolio to about 350MW of installed capacity by 2025.
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“The funding will enable us to further expand our operations and accelerate the adoption of sustainable energy solutions in the region,” said Eren Ergin, CEO of BECIS.
BECIS offers rooftop solar, storage, bio energy and energy efficiency solutions to businesses and communities across Asia.
Southeast Asian countries have been increasing their renewables portfolio in recent years. According to Global Energy Monitor, the ten members of the Association of Southeast Asian Nations (ASEAN), plus Timor-Leste, have over 28GW of operating utility-scale solar and wind capacity, up 20% from the end of 2022.
Vietnam, which has 13GW of operating solar capacity, is ahead of the Philippines and Malaysia, which have 2.3GW and 1.6GW of capacity respectively. All Southeast Asian countries, aside from Brunei, Laos and Timor-Leste, have operating solar projects as of the end of 2023. The 11 countries’ total installed capacity of 18.7GW of solar power is greater than the 9.4GW of installed wind capacity currently in operation.
| PV Tech publisher Solar Media will be organising the Solar Finance & Investment Asia Summit in Singapore, 24-25 September. The event will bring together the most influential leaders representing funds, banks, developers, utilities, government and industry across the Asia-Pacific region on a programme that is solutions-focused from top to tail. For more information, including how to attend, please go to the official website. |