ImpactAlpha, December 12 – Singapore’s Barghest Building Performance, a company that helps commercial and industrial buildings with energy savings, has raised S$45 million (US$33 million) from private equity giant KKR.
Barghest Building Performance claims to provide equivalent cooling with 40% less energy than conventional approaches, and offers services on a yearly subscription, eliminating upfront capital costs. The Series B funding will help BBP expand from India, China and Taiwan to the Philippines and other markets.
The investment marks KKR’s first impact investment, and comes before the firm has closed its first impact investment fund.
Robert Antablin and Ken Mehlman, co-heads of KKR Global Impact, said BBP targets Sustainable Development Goal No. 7 (affordable and clean energy) and No. 9 (industrial innovation and infrastructure). “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,” they said in a statement.