Up to $15 M in Singapore’s EaaS firm August Energy to be invested by ResponsAbility
On behalf of its investors, global impact asset manager ResponsAbility plans to invest up to $15 million in August Energy, an energy-as-a-service (EaaS) infrastructure platform with offices in Thailand, India, and the Philippines. August Energy is based in Singapore.
The funding will help August Energy grow its portfolio of distributed renewable energy projects in India, according to a statement released by ResponsAbility on Wednesday.
ResponsAbility’s $500 million climate investment strategy for Asia includes this investment. The strategy focuses on scalable private-sector infrastructure solutions that help reduce carbon dioxide (CO₂) in high-growth markets throughout the region.
In order to expand its installed capacity to more than one gigawatt (GW) in five years, August Energy intends to use the funds to expand its portfolio of projects in India.
This anticipated expansion would help the UN achieve its Net Zero goals and support India’s national goal of 500 gigawatts of renewable energy capacity.
August Energy specializes in providing decentralized energy infrastructure to commercial and industrial (C&I) customers in Southeast Asia and India.
In addition to providing integrated utility services, such as steam-as-a-service and cooling-as-a-service, the company develops and runs rooftop solar.
Manufacturing, auto suppliers, pharmaceuticals, healthcare, fast-moving consumer goods (FMCG), and data centers are some of its target industries.
“This first structured financing, delivered in partnership with responsAbility, marks a key milestone for our business,
“The facility gives us flexibility to execute on our growing project pipeline in India over the next 12 months,” said Michael Brown, Chief Investment and Financial Officer (CIFO), August Energy.
Bringing responsAbility on board is a strategic move to speed asset development in India and Southeast Asia, according to Rohit Nanda, Chair of August Energy and Head of Sustainable Infrastructure at Aravest, an August Energy investor.
