Indonesian energy savings provider to get undisclosed funding from Singapore's Clime Capital

THE Singapore Asia Clean Energy Facility (SEACEF) has committed an undisclosed sum of development funding to Synergy Energy Solutions (SES), an Indonesian energy efficiency provider, in the fund's first investment in the sector.

The funding will be used to support SES implementation of shared savings energy efficiency projects in Indonesia, fund manager Clime Capital said in a statement on Friday (Dec 24).

SES designs and implements energy efficiency solutions for commercial and industrial customers, and in doing so, helps Indonesian businesses achieve cost savings.

SEACEF's investment in SES includes the participation of co-investor New Energy Nexus Indonesia through its Indonesia 1 Fund. The fund supports early-stage renewable energy startups and companies in Indonesia.

SES is also a participant in New Energy Nexus Indonesia's "Smart Energy Incubation and Acceleration" programme.

Clime Capital said in the statement that Indonesia's energy transition would not be possible without scaling up energy efficiency providers like SES.

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"Based on current energy usage trends, without investment in energy efficiency, Indonesia's heavily fossil fuel-reliant energy demand would double by 2035," it said.

Steven Piro, SES's chief executive officer, said the investment provides SES with "pivotal support" to build on its success as a leading energy efficiency services provider.

Joshua Kramer, Clime Capital's chief investment officer, said: "Even as the Covid-19 pandemic presents significant challenges for Indonesian businesses, energy efficiency presents clear opportunities to save costs while reducing emissions and addressing Indonesia's rapidly growing energy needs."

In addition to the SES investment, SEACEF has closed 5 investments in Indonesia, Vietnam and the Philippines since the fund was launched in June 2020.