The UK government’s development finance arm British International Investment (BII) and Dutch state-backed development bank FMO are providing a loan of US$50 million to Berkeley Energy Commercial Industrial Solutions (BECIS), a Singapore-based energy-as-a-service provider, to enhance solar energy development in six Asian countries.

This strategic move is designed to scale the company’s rollout of rooftop solar energy systems in Vietnam, the Philippines, Indonesia, Thailand, Malaysia and India.

This is BII’s first direct financing into Southeast Asia as a partner in climate action.

As BECIS brings its portfolio to 346 megawatts by 2025, it aims to avoid 319,000 tonnes of CO2 emissions per year by offering cleaner and lower-cost electricity to its customers to displace on-grid power.

Notably, Southeast Asian countries are also setting aggressive targets for renewable energy, with Indonesia aiming for 23% renewable energy by 2025 and Vietnam targeting 20% by 2030. Vietnam is looking to carbon neutrality by 2050 by promoting all renewable sources like wind, solar, green hydrogen and biomass energy.

“This loan commitment represents trust and confidence from esteemed partners in our existing capabilities and growth plans,” says Eren Ergin, CEO of BECIS. “We will be well positioned to help our customers achieve their net-zero targets and drive sustainable growth.”