KKR Backs Energy Savings Solutions with Investment in Singapore’s BBP
December 12 2018 - 6:00PM
Business Wire
Investment Made as Part of Firm’s Impact
Strategy Focused on Addressing Global Societal Challenges
Leading global investment firm KKR today announced an investment
in Barghest Building Performance (“BBP” or the “Company”), a
Singapore-based provider of energy savings solutions to Heating,
Ventilation and Air Conditioning (“HVAC”) systems in commercial and
industrial buildings. KKR will be investing up to S$45 million in
the Company.
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BBP’s energy efficiency solution applies a combination of
proprietary software, customized engineering, and equipment to
deliver the same cooling load to sites while consuming up to 40%
less energy. The solution is applicable for all central chiller
plant systems, regardless of brand or age. BBP also supports its
clients with continuous commissioning technologies and
comprehensive asset management services that sustain the level of
savings over long periods of time. BBP offers the solution on a
yearly subscription based on 3rd party verified energy savings,
eliminating the need for upfront investment costs by customers. The
Company prides itself on minimizing operational risk and maximizing
system availability. BBP has helped customers across Asia Pacific
in commercial office space, hotels, district cooling and large
complex industrial facilities such as semiconductor fabrication
sites. Further details on the Company’s projects and customers can
be found here.
“We invested in BBP because we share the passion of this
dynamic, entrepreneurial team to build BBP into a pan-Asian energy
solutions leader. We’re excited to be investors, and we’re equally
excited to be customers as we believe that many of KKR’s portfolio
companies will also benefit from BBP’s solutions,” said Ashish
Shastry, KKR Member & Head of Southeast Asia.
“When we first set out to design a solution to improve energy
efficiency in existing systems throughout Asia, we knew the impact
could be quite large. Now with KKR and their resources onboard, we
are thrilled knowing how much greater that impact can be – well
beyond Asia – and we are greatly looking forward to working with
KKR in accomplishing our mission,” said Poyan Rajamand, BBP
Co-Founder and CEO.
For KKR, the investment is part of the firm’s Impact strategy,
which is focused on identifying and investing behind businesses
with positive social or environmental impact that measurably
contribute solutions to one or more of the United Nations
Sustainable Development Goals (“SDGs”).
“Our Global Impact team is focused on investing behind companies
whose core commercial product or service addresses global
environmental or social challenges. BBP contributes solutions to
two of the United Nations SDGs – Affordable and Clean Energy, and
Industry, Innovation and Infrastructure – with a business model
meant to fundamentally change best practices for energy management.
BBP’s motivation, as is ours, is to achieve meaningful and
sustainable costs savings for customers directly alongside
long-term and measurable environmental impacts for society,” said
Robert Antablin and Ken Mehlman, Co-Heads of KKR Global Impact.
BBP currently operates across eight markets, including Southeast
Asia, China, India and Taiwan, and is accredited by Singapore’s
national government bodies such as the Infocomm Media Development
Authority, National Environment Agency and Building and
Construction Authority. Since its founding in 2012, the Company has
received many accolades, most recently including recognition on The
Peak’s Power List, ranked on the first-ever APAC 25 list, awarded
IFMA Singapore’s FM Technology Provider of the Year, and honorable
mention recipient for Best Practices at the 2017 and 2018 EENP
Awards.
About KKR Impact
KKR’s Impact strategy focuses on identifying and investing
behind global opportunities where financial performance and
societal impact are intrinsically aligned – in other words, where
there is no trade-off between impact outcomes and financial
outcomes. Specifically, the strategy is focused on businesses
providing commercial solutions that contribute measurable progress
toward the SDGs.
Over the last decade, KKR has been a leader in driving and
protecting value throughout the firm’s private markets portfolio
through thoughtful Environmental, Social and Governance (“ESG”)
management, as well as measuring and reporting on performance to
the public and investors. The firm also has a history of investing
in businesses that promote sustainable solutions to societal
challenges. This experience of responsible investment combined with
a changing landscape of global challenges led to KKR’s decision to
create a dedicated Global Impact business in 2018. KKR’s Impact
strategy will build on this experience.
About KKR
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic partners
that manage hedge funds. KKR aims to generate attractive investment
returns for its fund investors by following a patient and
disciplined investment approach, employing world-class people, and
driving growth and value creation with KKR portfolio companies. KKR
invests its own capital alongside the capital it manages for fund
investors and provides financing solutions and investment
opportunities through its capital markets business. References to
KKR's investments may include the activities of its sponsored
funds. For additional information about KKR & Co. Inc. (NYSE:
KKR), please visit KKR's website at www.kkr.com and on Twitter
@KKR_Co.
About BBP
Barghest Building Performance ("BBP") provides energy savings
solutions to Heating, Ventilation and Air Conditioning (HVAC)
systems in commercial and industrial buildings. BBP uses sensors,
software algorithms, equipment controls, and customized engineering
design to seek to reduce electricity consumption in chiller
systems. BBP currently operates within Southeast Asia, China, India
and Taiwan.
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MediaKKR AsiaCara MajorCara.Major@KKR.com
KKR AmericasKristi Huller+1 212-750-8300Media@KKR.com
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