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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